lqj 5dlqerzv ri +rsh · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/...

178
&DUU\LQJ 5DLQERZV RI+RSH /LWXUJLFDOUHVRXUFHVIRUXVHDIWHU GLVDVWHUVDQGSHUVRQDOWUDJHGLHV BBBBBBBBBBBBBBBBBBBBBBBB (GLWHGE\3KLOLS/LHEHOW

Upload: others

Post on 11-Aug-2020

0 views

Category:

Documents


0 download

TRANSCRIPT

Page 1: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

&DUU\LQJ5DLQERZVRI�+RSH/LWXUJLFDO�UHVRXUFHV�IRU�XVH�DIWHUGLVDVWHUV�DQG�SHUVRQDO�WUDJHGLHVBBBBBBBBBBBBBBBBBBBBBBBB(GLWHG�E\�3KLOLS�/LHEHOW

Page 2: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

/RUG��OHW�PH�FDUU\D�UDLQERZ�RI�KRSHWR�WKH�YLFWLPVRI�OLIH¶V�VWRUPV����PDNH��P\�OLIH�D�EULGJHIURP�\RXU�FDULQJ�KHDUWWR�WKH�ZRUOG�%�-��+2))

³7KH�)DWKHU�RI�FRPSDVVLRQ����FRPIRUWV�XV�LQ�DOO�RXU�WURXEOHV�VR�WKDW�ZH�FDQ�FRPIRUWWKRVH�LQ�DQ\�WURXEOHZLWK�WKH�FRPIRUW�ZH�RXUVHOYHVKDYH�UHFHLYHG�IURP�*RG�´��&RULQWKLDQV����E�����1,9�

Page 3: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

&217(176)25(:25' �,1752'8&7,21 �/,785*,(6 �x %XV�&UDVK�DW�0DU\ERURXJK��4XHHQVODQG �$�6HUYLFH�RI�*ULHI�DQG�3UD\HU ��0HPRULDO�6HUYLFH ��'HGLFDWLRQ�6HUYLFH ��

x 7KH�3RUW�$UWKXU�7UDJHG\ ��6HUYLFH�RI�5HVWRUDWLRQ ��,Q�WKH�$IWHUPDWK�RI�3RUW�$UWKXU��$�6HUPRQ ��2UGHU�RI�6HUYLFH�WR�PDUN�WKH�$QQLYHUVDU\�RI�3RUW�$UWKXU ��x +RGGOH�6WUHHW�DQG�6WUDWKILHOG�6KRSSLQJ�&HQWUH�0DVVDFUHV ��$�&RPPXQLW\�0HPRULDO�6HUYLFH�RI�5HFRQFLOLDWLRQ ��x 1HZFDVWOH�(DUWKTXDNH ��$�6HUYLFH�RI�&RPPHPRUDWLRQ�DQG�5HQHZDO ��x 7KH�%ODFNKDZN�$FFLGHQW ��0HPRULDO�6HUYLFH ��x .HZ�&RWWDJH�)LUHV ��0HPRULDO�6HUYLFH ��x 7KUHGER�6OLS�'LVDVWHU ��3UD\HU�6HUYLFH�IRU�WKH�(FXPHQLFDO�*DWKHULQJ ��0HPRULDO�6HUYLFH ��'HGLFDWLRQ�RI�WKH�0HPRULDO ��$�0HPRULDO�6HUYLFH�UHFRJQLVLQJ�WKH�$QQLYHUVDU\ ��x %XVKILUHV ��$VK�:HGQHVGD\�&RPPHPRUDWLYH�6HUYLFH ��2WKHU�:RUVKLS�5HVRXUFHV�IRU�XVH�DIWHU�%XVKILUHV ��x $�/LWXUJ\�IRU�D�&RPPXQLW\�LQ�6KRFN�RU�*ULHI�DIWHU�9LROHQFH�RU�$FFLGHQW ��

Page 4: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

:256+,3�5(6285&(6)25�86(�,1�5(63216(�72�3(5621$/�75$*(',(6 ��x 7KH�9DOXH�RI�/LIH ��xx 1RWHV�DQG�UHVRXUFHV�IRU�XVH�LQ�UHVSRQVH�WR�6XLFLGHV ��6XLFLGH�)XQHUDOV�±�+RZ�FDQ�ZH�DSSURDFK�WKHP" ��:KDW�GR�SHRSOH�ZDQW�WR�KHDU" ��([WUDFWV�IURP�)XQHUDO�6HUYLFHV�IRU�WKRVH�ZKR�KDYH�6XLFLGHG ��x 6HUYLFH�RI�5HPHPEUDQFH�DQG�+HDOLQJ ��xx /LWXUJLHV�IRU�ODWH�0LVFDUULDJH��6WLOOELUWK�RU�(DUO\�1HR�1DWDO�'HDWK ��5LWH�IRU�/DWH�0LVFDUULDJH��6WLOOELUWK�RU�(DUO\�1HR�1DWDO�'HDWK ��$�6HUYLFH� WR� IROORZ� WKH�%LUWK�RI�D�6WLOO�%RUQ�&KLOG�RU� WKH�'HDWK� RI� D1HZO\�%RUQ�&KLOG ���

$�0HPRULDO�6HUYLFH ���27+(5�:256+,3�5(6285&(6 ���$57,&/(6 ���

x 3UHSDULQJ�D�/LWXUJ\�LQ�5HVSRQVH�WR�D�'LVDVWHU ���x $�7KHRORJ\�IURP�1DWXUDO�'LVDVWHU�±�&\FORQH�7UDF\ ���x /LWXUJ\��/LWXUJLVWV�DQG�3RUW�$UWKXU ���x 3RUW�$UWKXU�$QQLYHUVDU\�6HUYLFHV ���x )HVWLYDO�RI�-RXUQH\V�±�3RUW�$UWKXU ���x .LOOLQJ�7KH�)LUH�'UDJRQ ���x ([RUFLVLQJ�7UDXPD ���x 6XQGD\�:RUVKLS��DIWHU�WKH�)XUQDFH ���620(�5(6285&(6 ���&23<5,*+7�127,&( ���&23<5,*+7�/,67 ���

Page 5: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

)25(:25'7KH�1DWLRQDO�'LVDVWHU�)XQG�7UXVW�&RPPLWWHH��ZKLFK�LV�DQ�DJHQF\�RI�WKH�8QLWLQJ�&KXUFK�LQ$XVWUDOLD�� LV�GHOLJKWHG�WR�VSRQVRU�DQG�PDNH�DYDLODEOH�WKLV�SXEOLFDWLRQ�³&DUU\LQJ�5DLQERZVRI�+RSH´���7KHVH� OLWXUJLFDO� UHVRXUFHV� IRU�XVH�DIWHU�GLVDVWHUV�DQG�SHUVRQDO� WUDJHGLHV�KDYHEHHQ�FROOHFWHG�DQG�HGLWHG�E\�5HY�3KLOLS� /LHEHOW�� D�PDPPRWK� WDVN� LQGHHG�� � 7KH� 7UXVW� LVJUDWHIXO�IRU�KLV�GHGLFDWHG�ZRUN�$OWKRXJK� WKH� 7UXVW� LV� YHU\� KDSS\� WR� VSRQVRU� DQG� IXQG� WKLV� SXEOLFDWLRQ�� LW� ZLVKHV� WRHPSKDVLVH�WKDW�LQ�VR�GRLQJ�LW� LV�QRW�QHFHVVDULO\�HQGRUVLQJ�HDFK�RI� WKHVH�UHVRXUFHV�� �7KHUHVRXUFHV�KDYH�EHHQ�JDWKHUHG� IURP�D�YDULHW\�RI�SODFHV�DW�GLIIHUHQW�SRLQWV� LQ� WLPH�±� IURPQDWLRQDO�GLVDVWHU�DQG�DOVR� LQGLYLGXDO� GHDWKV� IROORZLQJ�DFFLGHQWV� RU� GLVHDVH� FRQWUDFWHG� LQWKH�ZRUNSODFH�� VWLOOELUWKV�� GHDWK� RI� QHZERUQ�EDELHV� DQG� VXLFLGHV�� � 7KH\� DUH� GHVLJQHG� WRSUHVHQW�RWKHUV�ZLWK�LGHDV�DQG�SUHFHGHQWV�RQ�ZKLFK�WKH\�FDQ�EXLOG�DV�WKH�QHHG�DULVHV���7KHPDWHULDO�RQ�LQGLYLGXDO�JULHI� LV�D�YDOXDEOH�SDUW�RI�WKLV�FRPSLODWLRQ��DV� LW�KHOSV� LQ�JDLQLQJ�DQXQGHUVWDQGLQJ�RI�FRPPXQLW\�JULHI�� �0DQ\�RI�WKHVH�UHVRXUFHV�ZRXOG�EH� LUUHOHYDQW�LI�VLPSO\UHSURGXFHG�DQG�XVHG�LQ�GLIIHUHQW�FLUFXPVWDQFHV�7KH�7UXVW�KRSHV�WKDW�DV�RWKHU�UHVRXUFHV�DUH�FUHDWHG�DQG�XVHG��WKDW�WKH\�ZLOO�EH�DGGHGDQG�PDGH�DYDLODEOH�WR�WKH�&KXUFK�DQG�WKH�FRPPXQLW\�IRU�IXWXUH�XVH�:H�SUD\�WKDW�WKH�XVH�RI�DOO�RU�SDUW�RI�WKLV�SXEOLFDWLRQ�ZLOO�SURYH�WR�EH�D�EOHVVLQJ�WR� IXWXUHYLFWLPV�RI�GLVDVWHUV�DQG�SHUVRQDO�WUDJHGLHV�DQG�WR�WKRVH�VHHNLQJ�WR�PLQLVWHU�WR�DQG�VXSSRUWWKHP�

0HPEHUV�RI�WKH�1DWLRQDO�'LVDVWHU�)XQG�7UXVW�&RPPLWWHH5HY�7HUHQFH�&RUNLQ��&KDLUSHUVRQ� 'U�3HJJ\�*ROGVPLWK0UV�(UY\Q�:KLWHKHDG� 'U�3HWHU�0LFKDHO0V�%HY�6PLWK 0U�3KLOOLS�/HVOLH-DQXDU\�����

Page 6: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

,1752'8&7,21,Q� UHFHQW�\HDUV�VRPH�RI� WKH�PRVW�KRUULILF�QDWXUDO�DQG�KXPDQ�LQLWLDWHG�YLROHQW�GLVDVWHUV� LQ$XVWUDOLDQ�PRGHUQ�KLVWRU\�KDYH�RFFXUUHG��VRPH�VLQFH�WKLV�SURMHFW�ZDV�FRPPLVVLRQHG��DQGWKH�FROOHFWLQJ�SURFHVV�EHJDQ��7KH�&KXUFK�KDV�DOZD\V�EHHQ�DW�WKH�IRUHIURQW�LQ�SURYLGLQJ�FDUH�DQG�RWKHU�UHOLHI�DIWHU�VXFKGLVDVWHUV�� � ,W�KDV�SURYLGHG� OLWXUJLHV�DV�SDUW�RI� WKH�PLQLVWU\� WR� WKRVH� UHFRYHULQJ� IURP�VXFKWUDJHGLHV�� VHHNLQJ� WR� XVH� ZRUVKLS� WR� KHOS� SHRSOH� ZRUNLQJ� WKURXJK� WKHLU� JULHI�� WKHLUUHEXLOGLQJ��DQG�WKHLU�XQGHUVWDQGLQJ�RI�ZKDW�KDV�KDSSHQHG�7KHUH�ZDV�D�QHHG�IRU�D�FROOHFWLRQ�RI�$XVWUDOLDQ�ZRUVKLS�UHVRXUFHV�WKDW�KDYH�FRPH�RXW�RIWKHVH� VLWXDWLRQV�� WR� KHOS� FOHUJ\� DQG� RWKHU� OLWXUJLVWV� ZKHQ� WKH\� ILQG� WKHPVHOYHV� VXGGHQO\WKUXVW�LQWR�WKH�PLGGOH�RI�D�ORFDO�GLVDVWHU���&RQWULEXWRUV�WR�WKLV�FROOHFWLRQ�SUREDEO\�ZLVK�WKH\KDG�DFFHVV�WR�VXFK�D�UHVRXUFH�7KH�1DWLRQDO�'LVDVWHU�5HFRYHU\�&RQVXOWDWLYH�*URXS�RI�WKH�$VVHPEO\�RI�WKH�8QLWLQJ�&KXUFKLQ� $XVWUDOLD� FRPPLVVLRQHG�PH� WR� PDNH� VXFK� D� FROOHFWLRQ�� � 7KLV� IROORZHG� SXEOLFDWLRQ� RIµ*HQWOH�5DLQ�RQ�3DUFKHG�(DUWK¶ �-%&(��0HOERXUQH���������ZKLFK�,�FR�HGLWHG�ZLWK�5HY�1RHO1LFKROOV�DQG�ZKLFK� LQFOXGHG� UHVRXUFHV� UHOHYDQW� WR� WLPHV� RI� IORRG�� ILUH�� GURXJKW� DQG�PLQHGLVDVWHU�$V� ,�PRYHG�LQWR�WKH�WDVN�LW�VHHPHG�LPSRUWDQW�WR�DOVR�KHOS�SHRSOH�UHVSRQGLQJ� WR�SHUVRQDOWUDJHGLHV��D�PRUH�UHJXODU�RFFXUUHQFH��HVSHFLDOO\�ZKHQ�,�EHFDPH�DZDUH�RI� WKH�DYDLODELOLW\RI� VRPH� SDUWLFXODUO\� XVHIXO� UHVRXUFHV�� � ,� EHOLHYH� WKDW� VHFWLRQ� ZLOO� EH� KHOSIXO� WR� DQ\UHVSRQGLQJ�WR�VXFK�WUDJHGLHV��EXW�DOVR�LQ�HYHQWV�WKDW�DIIHFW�ZKROH�FRPPXQLWLHV�7KLV�ILQDO�SURGXFW�LV�QRW�MXVW�D�OLWXUJ\�FROOHFWLRQ���EXW�D�FROOHFWLRQ�RI�VWRULHV���7KH�VWURQJ�OLQNEHWZHHQ� OLWXUJ\� DQG� VWRU\� LV� YHU\� HYLGHQW� LQ� ZRUVKLS� WKDW� UHVSRQGV� WR� D� FRPPXQLW\� RUSULYDWH� WUDJHG\�� � ,Q� WKDW� VHQVH� LW� LV� OLNH� WKH�&RPPXQLRQ� OLWXUJ\�ZKLFK�KDV� LWV� IRXQGDWLRQILUPO\�LQ�WKH�%LEOLFDO�6WRU\�(YHU\� WUDJHG\� KDV� PDQ\� VWRULHV�� � ,W� LV� RXW� RI� WKHVH� VWRULHV� WKH� OLWXUJ\� JURZV�� DQG� WKHZRUVKLS�VHUYLFH�LV�D�SODFH�WKHVH�VWRULHV�FDQ�DQG�QHHG�WR�EH�KHDUG���$V�5H[�+XQW�ZULWHV��LWLV�LQ�³WKH�ZHDYLQJ�RI�ERWK�VWRU\�DQG�GHHG�WKDW�µLPDJLQDWLYH�OLWXUJ\¶�KDSSHQV�DQG�D�KHDOLQJSURFHVV�FDQ�EHJLQ�´��S�����6RPH� RI� WKH� H[FLWLQJ� IHHGEDFN� ,� UHFHLYHG� DIWHU� ³*HQWOH� 5DLQ´� ZDV� SXEOLVKHG�� ZDV� KRZSHRSOH� ZHUH� XVLQJ� WKH� ZRUVKLS� UHVRXUFHV� LQ� TXLWH� FUHDWLYH� ZD\V�� E\� DGDSWLQJ� WKHP� IRUGLIIHUHQW�VLWXDWLRQV�WR�WKRVH�IRU�ZKLFK�WKH\�ZHUH�RULJLQDOO\�LQWHQGHG���7KHUH�LV�QR�OHVV�VFRSHIRU� WKH� FXUUHQW� UHVRXUFHV� WR� EH� XVHG� FUHDWLYHO\� LQ� PDQ\� VLWXDWLRQV�� HYHQ� IRU� QRQ�WUDJLFVHWWLQJV�7KHUH�DUH�D�QXPEHU�RI�OLWXUJLHV�,�KDG�KRSHG�WR�LQFOXGH�EXW�ZDV�QRW�DEOH�WR��,�DOVR�QHHGHG�WRUHPHPEHU�WKDW�WKLV�LV�D�FROOHFWLRQ�IRU�RWKHUV��QRW�D�GRFXPHQWHG�KLVWRU\�RI�GLVDVWHU�OLWXUJLHVRI�RXU�WLPHV���,Q�WKLV�VHQVH�LW� LV�JRRG�WKDW�,�KDYH�EHHQ�DEOH�WR�LQFOXGH�D�UDQJH�RI�GLIIHUHQWW\SHV�RI�VHUYLFHV�UDWKHU�WKDQ�MXVW�WKH�VDPH�VHUYLFH�XVHG�LQ�GLIIHUHQW�VHWWLQJV�

Page 7: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

$V�DOUHDG\�LQGLFDWHG��WKH�VWRULHV�DUH�DQ�LPSRUWDQW�DQG�H[FLWLQJ�SDUW�RI�WKHVH�OLWXUJLHV��DOEHLWIUHTXHQWO\�GLVWUHVVLQJ���$QRWKHU�SDUW�RI�WKH�VWRU\��WKDW�LW�ZDV�JRRG�WR�EH�DEOH�WR�LQFOXGH��ZDVWKH�SURFHVVHV�E\�ZKLFK�VRPH�RI� WKH�DFWXDO� OLWXUJLHV�FDPH�DERXW�� 7KLV� LV� LPSRUWDQW� LI�ZHDUH�WR�OHDUQ�WKH�OHVVRQV�IRU�XVH�LQ�RWKHU�VLWXDWLRQV���,W�LV�QRW�MXVW�D�PDWWHU�RI�ILQGLQJ�D�OLWXUJ\ZULWWHQ�RXW�RI�D�YDJXHO\�VLPLODU�VLWXDWLRQ��DQG�MXVW�FKDQJLQJ�D�IHZ�GHWDLOV���(YHQ�ZLWK�VRPHKHOS��RXU�OLWXUJLHV�VWLOO�PXVW�JURZ�RXW�RI�WKH�SDUWLFXODU�FLUFXPVWDQFHV�DQG�WKH�FRPPXQLW\�LQZKLFK�WKH\�RFFXU�7R� HQFRXUDJH� FUHDWLYH� XVH� RI� WKLV� FROOHFWLRQ�� DQG� RXW� RI� UHVSHFW� IRU� YLFWLPV� DQG� RWKHUVUHSUHVHQWHG�LQ�PDQ\�RI�WKHVH�VHUYLFHV��QDPHV�KDYH�EHHQ�GHOLEHUDWHO\�H[FOXGHG���(YHQ�LQWKH�FDVH�RI�LGHQWLI\LQJ�ZKR�WRRN�SDUW�LQ�D�VHUYLFH��WLWOHV�KDYH�EHHQ�XVHG�UDWKHU�WKDQ�QDPHV�UHPHPEHULQJ�WKLV�LV�PHDQW�WR�EH�DQ�LQVWUXFWLYH�FROOHFWLRQ�UDWKHU�WKDQ�DQ�DUFKLYDO�RQH�:ULWHUV�RI�WKH�RULJLQDO�OLWXUJLHV�KDYH�PDGH�GHFLVLRQV�DERXW�ZKDW�WR�LQFOXGH�LQ�WKHLU�VHUYLFHVZKLFK�VRPH�RI�XV�PD\�QRW�DJUHH�ZLWK��� ,W�KDV�QRW�EHHQ�P\�EULHI�WR�UHZULWH� WKHVH�OLWXUJLHV�+RZHYHU� LW� LV�H[SHFWHG� WKDW� WKRVH�ZKR�VXEVHTXHQWO\�XVH� WKHVH�VHUYLFHV� WR�GHYHORS� WKHLURZQ�� ZLOO� PDNH� WKHLU� RZQ� GHFLVLRQV� DERXW� ZKDW� LV� DSSURSULDWH� IRU� LQFOXVLRQ� LQ� WKHFLUFXPVWDQFHV�WR�ZKLFK�WKH\�DUH�UHVSRQGLQJ�,W� VKRXOG�DOVR�EH�QRWHG� WKDW� WKH� WDVN�RI� WKLV�ERRN�GLG�QRW� LQFOXGH�FRPPHQW�RQ� WKH�ZLGHULVVXHV�RI�SDVWRUDO�FDUH��FRXQVHOOLQJ��WKH�SURYLVLRQ�RI�UHOLHI�DLG�DQG�RWKHU�PLQLVWULHV���:KLOVWVRPH�RI�WKHVH�DUH�WRXFKHG�RQ��WKHLU�DEVHQFH�LV�LQWHQWLRQDO�)LQDOO\��,�ZRXOG�OLNH�WR�DFNQRZOHGJH�WKH�VXSSRUW�RI�P\�IDPLO\��+HOHQ��'HHMD\�DQG�7\��GXULQJWKH�SURWUDFWHG�SUHSDUDWLRQ� WLPH� LQYROYHG�ZLWK� WKLV� ERRN�� ZKLFK� LQFOXGHG�D� QXPEHU� RI� OLIHFKDQJHV�IRU�XV���,�ZRXOG�DOVR�OLNH�WR�WKDQN�.D\H�0LWFKHOO��ZKRVH�HQFRXUDJHPHQW�KDV�EHHQDSSUHFLDWHG��DQG�ZKRVH�FUHDWLYH�XVH�RI�OLWXUJLFDO�UHVRXUFHV�LV�VRPHWKLQJ�,�ZRXOG�ZLVK�XSRQDOO� OLWXUJLVWV�� � 7KDQNV�DOVR� WR�5HY�-RKQ�0DMRU�ZKR� LQLWLDOO\�QRPLQDWHG�PH� WR� SUHSDUH� WKLVFROOHFWLRQ��DQG� WKH�&RQVXOWDWLYH�*URXS��ZKLFK�JDYH�PH� VXFK�DQ�H[FLWLQJ�� ZKLOVW� DW� WLPHVHPRWLRQDOO\�FKDOOHQJLQJ��SURMHFW���DQG�ZDV�SDWLHQW�LQ�LWV�VORZ�SUHSDUDWLRQ�5HY�3KLOLS�/LHEHOW(GLWRU

32676&5,377KH�SURGXFWLRQ�RI�WKLV�FROOHFWLRQ�KDV�EHHQ�VSUHDG�RXW�RYHU�D�ORQJ�SHULRG�RI�WLPH���0RVW�RIWKH� LQFOXVLRQV� ZHUH� FROOHFWHG� EHWZHHQ� ����� DQG� ������ � $� QXPEHU� RI� WUDJHGLHV� KDYHRFFXUUHG�LQ�$XVWUDOLD�DQG�RYHUVHDV�VLQFH�WKHQ��WKH�PRVW�IDPRXV�QR�GRXEW�EHLQJ�WKH�86$WHUURULVP�DWWDFNV� RQ�6HSWHPEHU� ��WK�� �����DQG� WKH�%DOL� ERPELQJ�RQ�2FWREHU� ��WK� �����6RPH� UHVRXUFHV� LQ� UHODWLRQ� WR� WKHVH� GLVDVWHUV� KDYH� DOVR� EHHQ� LQFOXGHG�� � +RSHIXOO\� WKLVUHVRXUFH�ZLOO� KHOS� SHRSOH� WR� UHIOHFW� RQ� WKHVH� VXEVHTXHQW� HYHQWV� DQG�KRZ� WR� UHVSRQG� WRWKHP�OLWXUJLFDOO\�7KH�(GLWRU� DQG� WKH�1DWLRQDO�'LVDVWHU�5HFRYHU\�&RQVXOWDWLYH�*URXS� WKDQN� DOO� WKRVH� ZKRKDYH�FRQWULEXWHG�SLHFHV� IRU� LQFOXVLRQ��DQG�DSRORJLVH� IRU� WKH� GHOD\�� � ,W� LV� UHFRJQLVHG� WKDWVRPH�PD\�KDYH�PRYHG�RQ�LQ�WKHLU�VHWWOHPHQWV���:KLOVW�HIIRUWV�KDYH�EHHQ�PDGH�WR�FRUUHFWLQIRUPDWLRQ��WKHUH�PD\�EH�VRPH�PDWHULDO�WKDW�KDV�QRW�EHHQ�XSGDWHG���:H�DSRORJLVH�IRU�WKLVLI�LW�LV�D�FDXVH�IRU�DQ\�FRQFHUQ�

Page 8: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

/,785*,(6

Page 9: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

%XV�&UDVK�DW�0DU\ERURXJK�4XHHQVODQG2Q 2FWREHU���WK�������D�EXV�FUDVKHG�QHDU�0DU\ERURXJK�LQ�4XHHQVODQG�NLOOLQJ�WKH�GULYHUDQG�HOHYHQ�ORFDO�ROGHU�ZRPHQ���7KH�DFFLGHQW�VKRFNHG�WKH�WRZQ��QRW�RQO\�EHFDXVH�RI� WKHQXPEHU�ZKR�ZHUH�NLOOHG�EXW�EHFDXVH�WKH�YLFWLPV�ZHUH�ZHOO�NQRZQ�DQG�ORYHG�PHPEHUV�RIWKH�FRPPXQLW\�/DWHU�WKDW�GD\��PLQLVWHUV�RI�WKH�WRZQ�PHW�DQG�SODQQHG�D�VHUYLFH�WR�EH�KHOG�RQ�WKH�IROORZLQJQLJKW���$W�WKDW�VWDJH�WKH�QDPHV�RI�WKRVH�ZKR�KDG�EHHQ�NLOOHG�KDG�QRW�\HW�EHHQ�UHOHDVHG�EXW�LW�ZDV�LPSRUWDQW�WR�KHOS�WKH�FRPPXQLW\�ZLWK�WKHLU�VKRFN�DQG�LQLWLDO�JULHI�7KLV�ZDV� WR�EH�WKH�ILUVW�RI� WKUHH�VHUYLFHV�RYHU�D�\HDU��DOO� WKUHH�DUH�UHSURGXFHG�KHUH�� �$OOZHUH�HFXPHQLFDO�VHUYLFHV� WKDW�ZHUH�SUHSDUHG�DQG� OHG�E\�PHPEHUV�RI� WKH� ORFDO�0LQLVWHUV)HOORZVKLS�� �$W� WKH�KHDG�RI� WKH� VKHHWV� IRU� WKH� ODWHU� VHUYLFHV�� WKRVH� ZKR� KDG� GLHG� ZHUHOLVWHG�

Page 10: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

$�6HUYLFH�RI�*ULHI�DQG�3UD\HU6W��0DU\¶V�5RPDQ�&DWKROLF�&KXUFK��0DU\ERURXJK��4XHHQVODQG��WK�2FWREHU�����

:(/&20(�/HDGHU�����-HVXV�&KULVW�LV�WKH�OLJKW�RI�WKH�ZRUOG�3HRSOH�����WKH�OLJKW�QR�GDUNQHVV�FDQ�RYHUFRPH�/����� 6WD\�ZLWK�XV��/RUG��IRU�LW�LV�HYHQLQJ�3���� DQG�WKH�GD\�LV�DOPRVW�RYHU�/����� /HW�\RXU�OLJKW�VFDWWHU�GDUNQHVV�3� DQG�LOOXPLQH�\RXU�FKXUFK�/����� ,Q�WKH�QDPH�RI�WKH�)DWKHU��DQG�RI�WKH�6RQ�DQG�RI�WKH�+RO\�6SLULW�$0(1�+<01� ³7KH�/RUG�LV�P\�6KHSKHUG´36$/0�����/HDGHU� 2XW�RI�WKH�GHSWKV�,�FU\�WR�\RX��2�/RUG�2�/RUG��KHDU�P\�YRLFH�/HW�\RXU�HDUV�EH�DWWHQWLYHWR�P\�FU\�IRU�PHUF\�,I�\RX��2�/RUG��NHSW�D�UHFRUG�RI�VLQV�2�/RUG��ZKR�FRXOG�VWDQG"%XW�ZLWK�\RX�WKHUH�LV�IRUJLYHQHVV�WKHUHIRUH�\RX�DUH�IHDUHG�,�ZDLW�IRU�WKH�/RUG��P\�VRXO�ZDLWV�DQG�LQ�+LV�ZRUG�,�SXW�P\�KRSH�0\�VRXO�ZDLWV�IRU�WKH�/RUGPRUH�WKDQ�ZDWFKPHQ�ZDLW�IRU�WKH�PRUQLQJ�2�,VUDHO��SXW�\RXU�KRSH�LQ�WKH�/RUG�IRU�ZLWK�WKH�/RUG�LV�XQIDLOLQJ�ORYHDQG�ZLWK�KLP�LV�IXOO�UHGHPSWLRQ�+H�KLPVHOI�ZLOO�UHGHHP�,VUDHOIURP�DOO�WKHLU�VLQV$�35$<(5�)25�$//�9,&7,06�2)�7+(�$&&,'(17�/� $�UHDGLQJ�IURP�WKH�ERRN�RI�,VDLDK��FKDSWHU�����EHJLQQLQJ�DW�YHUVH���«««««««««««««��

7KLV�LV�WKH�:RUG�RI�WKH�/RUG�3���� 7KDQNV�EH�WR�*RG�3$6725$/�$''5(66�+<01� ³$PD]LQJ�*UDFH´

Page 11: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

$�35$<(5�)25�7+(�(0(5*(1&<�:25.(56�:+2�$77(1'('�7+(�$&&,'(17�/� $�UHDGLQJ�IURP�6W��3DXO¶V�OHWWHU�WR�WKH�5RPDQV��FKDSWHU����EHJLQQLQJ�DW�YHUVH����,�FRQVLGHU�WKDW�WKH�VXIIHULQJV�RI� WKLV�SUHVHQW� WLPH�DUH�QRW�ZRUWK�FRPSDULQJ�ZLWKWKH�JORU\�DERXW�WR�EH�UHYHDOHG�WR�XV���)RU�WKH�FUHDWLRQ�ZDLWV�ZLWK�HDJHU�ORQJLQJIRU�WKH�UHYHDOLQJ�RI�WKH�FKLOGUHQ�RI�*RG��IRU�WKH�FUHDWLRQ�ZDV�VXEMHFWHG�WR�IXWLOLW\�QRW�RI� LWV�RZQ�ZLOO�EXW�E\� WKH�ZLOO�RI� WKH�RQH�ZKR�VXEMHFWHG� LW�� LQ�KRSH� WKDW� WKHFUHDWLRQ� LWVHOI� ZLOO� EH� VHW� IUHH� IURP� LWV� ERQGDJH� WR� GHFD\� DQG� ZLOO� REWDLQ� WKHIUHHGRP�RI� WKH�JORU\�RI� WKH�FKLOGUHQ�RI�*RG�� �:H�NQRZ� WKDW� WKH�ZKROH�FUHDWLRQKDV�EHHQ�JURDQLQJ�LQ�ODERXU�SDLQV�XQWLO�QRZ��DQG�QRW�RQO\� WKH�FUHDWLRQ��EXW�ZHRXUVHOYHV��ZKR�KDYH�WKH�ILUVW�IUXLWV�RI�WKH�6SLULW��JURDQ�LQZDUGO\�ZKLOH�ZH�ZDLW�IRUDGRSWLRQ��WKH�UHGHPSWLRQ�RI�RXU�ERGLHV���)RU�LQ�KRSH�ZH�ZHUH�VDYHG���1RZ�KRSHWKDW�LV�VHHQ�LV�QRW�KRSH���)RU�ZKR�KRSHV�IRU�ZKDW� LV�VHHQ"��%XW� LI�ZH�KRSH�IRUZKDW�ZH�GR�QRW�VHH��ZH�ZDLW�IRU�LW�LQ�SDWLHQFH�����:KDW�WKHQ�DUH�ZH�WR�VD\�DERXW�WKHVH�WKLQJV"��,I�*RG�LV�IRU�XV��ZKR�LV�DJDLQVW�XV"+H�ZKR�GLG�QRW�ZLWKKROG�KLV�RZQ�6RQ��EXW�JDYH�KLP�XS�IRU�DOO�RI�XV��ZLOO�KH�QRWZLWK�KLP�DOVR�JLYH�XV�HYHU\WKLQJ�HOVH"��:KR�ZLOO�EULQJ�DQ\�FKDUJH�DJDLQVW�*RG¶VHOHFW"��,W�LV�*RG�ZKR�MXVWLILHV���:KR�LV�WR�FRQGHPQ"��,W�LV�&KULVW�-HVXV��ZKR�GLHG�\HV��ZKR�ZDV�UDLVHG��ZKR�LV�DW�WKH�ULJKW�KDQG�RI�*RG��ZKR�LQGHHG�LQWHUFHGHV�IRUXV���:KR�ZLOO�VHSDUDWH�XV�IURP�WKH�ORYH�RI�&KULVW"��:LOO�KDUGVKLS��RU�GLVWUHVV��RUSHUVHFXWLRQ��RU�IDPLQH��RU�QDNHGQHVV��RU�SHULO��RU�VZRUG"������1R��LQ�DOO�WKLQJV�ZHDUH�PRUH�WKDQ�FRQTXHURUV��WKURXJK�KLP�ZKR�ORYHG�XV���)RU�,�DP�FRQYLQFHG�WKDWQHLWKHU�GHDWK��QRU� OLIH��QRU�DQJHOV��QRU� UXOHUV��QRU� WKLQJV�SUHVHQW��QRU� WKLQJV� WRFRPH��QRU�SRZHUV��QRU�KHLJKW��QRU�GHSWK��QRU�DQ\WKLQJ�HOVH�LQ�DOO�FUHDWLRQ��ZLOO�EHDEOH�WR�VHSDUDWH�XV�IURP�WKH�ORYH�RI�*RG�LQ�&KULVW�-HVXV�RXU�/RUG�

7KLV�LV�WKH�:RUG�RI�WKH�/RUG�3� 7KDQNV�EH�WR�*RG�&,9,&�$''5(66�$�35$<(5�)25�285�&,7<¶6�*5,()�36$/0���/� *RG�LV�RXU�UHIXJH�DQG�VWUHQJWK�DQ�HYHU�SUHVHQW�KHOS�LQ�WURXEOH�7KHUHIRUH�ZH�ZLOO�QRW�IHDU�WKRXJK�WKH�HDUWK�JLYH�ZD\DQG�WKH�PRXQWDLQV�IDOO�LQWR�WKH�KHDUW�RI�WKH�VHD�WKRXJK�LWV�ZDWHUV URDU�DQG�IRDPDQG�WKH�PRXQWDLQV�TXDNH�ZLWK�WKHLU�VXUJLQJ�7KHUH�LV�D�ULYHU�ZKRVH�VWUHDPV�PDNH�JODGWKH�FLW\�RI�*RG�*RG�LV�ZLWKLQ�KHU��VKH�ZLOO�QRW�IDOO�*RG�ZLOO�KHOS�KHU�DW�EUHDN�RI�GD\�%H�VWLOO��DQG�NQRZ�WKDW�,�DP�*RG�,�ZLOO�EH�H[DOWHG�DPRQJ�WKH�QDWLRQV�,�ZLOO�EH�H[DOWHG�LQ�WKH�HDUWK�7KH�/RUG�$OPLJKW\�LV�ZLWK�XV�WKH�*RG�RI�-DFRE�LV�RXU�IRUWUHVV�

Page 12: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

35(6(17$7,21� 8QGHUVWDQGLQJ�RXU�*ULHI$�35$<(5�)25�&$5(*,9(56��$1'�285�&,7<¶6�5(&29(5<+<01� ³7R�*RG�EH�WKH�*ORU\��*UHDW�7KLQJV�+H�KDV�GRQH´7+(�/25'¶6�35$<(5� �VDLG�WRJHWKHU�&/26,1*�35$<(5�/�� /RUG�*RG�� \RX�KDYH� FDOOHG� \RXU� VHUYDQWV� WR� YHQWXUHV� WKH� HQGLQJ� RI� ZKLFK� ZHFDQQRW�VHH��E\�SDWKV�\HW�XQWURGGHQ��WKURXJK�SHULOV�XQNQRZQ���*LYH�XV�IDLWK�WR�JRRXW� ZLWK� JRRG� FRXUDJH�� QRW� NQRZLQJ� ZKHUH� ZH� JR�� EXW� RQO\� WKDW� \RXU� KDQG� LVOHDGLQJ�XV�DQG�\RXU�ORYH�VXSSRUWLQJ�XV��WKURXJK�-HVXV�&KULVW�RXU�/RUG�$0(1�/�� 7KH�$OPLJKW\�DQG�0HUFLIXO�/RUG��WKH�)DWKHU��WKH�6RQ�DQG�WKH�+RO\�6SLULW�EOHVV�DQG�SUHVHUYH�\RX� $0(1�

Page 13: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

0HPRULDO�6HUYLFHIRU�WKRVH�ZKR�GLHG�DQG�VXIIHUHGLQ�WKH�%XV�7UDJHG\�RQ���WK 2FWREHU������+HOG�DERXW�WKUHH�ZHHNV�ODWHU�0DU\ERURXJK�&LW\�+DOO

:(/&20(�$1'�&$//�72�:256+,3�/� %OHVVHG�EH�WKH�*RG�DQG�)DWKHU�RI�RXU�/RUG�-HVXV�&KULVW��WKH�VRXUFH�RI�DOO�PHUF\DQG�WKH�*RG�RI�DOO�FRQVRODWLRQ���+H�FRPIRUWV�XV�LQ�DOO�RXU�VRUURZV�VR�WKDW�ZH�FDQFRPIRUW�RWKHUV�LQ�WKHLU�VRUURZV�ZLWK�WKH�FRQVRODWLRQ�ZH�RXUVHOYHV�KDYH�UHFHLYHGIURP�*RG�3�� 7KDQNV�EH�WR�*RG�35$<(5�+<01� ³2XU�*RG��RXU�+HOS�LQ�$JHV�SDVW´

�'XULQJ�WKH�VLQJLQJ�RI�WKH�K\PQ��FDQGOHV�ZHUH�OLW�LQ�PHPRU\�RI�WKRVH�ZKR�GLHG��5($',1*� 3VDOP����285�75,%87(�72�7+26(�:+2�',('�$1'�:+2�+$9(�68))(5('�

� 7KH�0D\RU�RI�0DU\ERURXJK � 7KH�3UHVLGHQW�RI�0DU\ERURXJK�&LYLOLDQ�:LGRZV�$VVRF� ��$�*UDQGFKLOG�RI�RQH�RI�WKRVH�ZKR�GLHG$�7,0(�2)�5(0(0%5$1&(�62/2�35$<(56�)25�$//�:+2�02851�$1'�68))(5�$7�7+,6�7,0(�5($',1*6� ([RGXV������-RKQ��������2))(5,1*�)25�7+(�0$<25¶6�',675(66�)81'�+<01� ³%H�VWLOO��P\�6RXO���WKH�/RUG�LV�RQ�\RXU�6LGH´35$<(5�$1'�7+(�/25'¶6�35$<(5�����VDLG�WRJHWKHU�35(6(17$7,21�2)�7+(�0(025,$/�&$1'/(6�+<01� ³7KLQH�EH�WKH�*ORU\��ULVHQ��FRQTXHULQJ�6RQ´%(1(',&7,21�

Page 14: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

'HGLFDWLRQ�6HUYLFH2QH�\HDU�DIWHU�WKH�$FFLGHQW,1752'8&7,21�$1'�:(/&20(�/� )ULHQGV�LQ�&KULVW��RXU�KHDYHQO\�)DWKHU�KDV�WDNHQ�RXU�VLVWHUV�DQG�EURWKHU��7KH�&KULVWLDQ�QDPHV�DQG�6XUQDPHV�RI�WKRVH�ZKR�GLHG�DUH�QDPHG�DV�SULQWHG�RQ�VHUYLFH�VKHHW��:H�UHPHPEHU�WKHP�DQG�WKDQN�*RG�IRU�ZKDW�KH�KDV�JLYHQ�XV�WKURXJK�WKHP���,Q�WKHQDPH�RI�WKH�)DWKHU�DQG�RI�WKH�6RQ�DQG�RI�WKH�+RO\�6SLULW�$0(1�/� 2XU�/RUG�VD\V���³,�DP�WKH�UHVXUUHFWLRQ�DQG�WKH�OLIH���7KRVH�ZKR�EHOLHYH�LQ�PH��HYHQWKRXJK�WKH\�GLH��ZLOO�OLYH��DQG�HYHU\RQH�ZKR�OLYHV�DQG�EHOLHYHV�LQ�PH�ZLOO�QHYHU�GLH�´

$QG�WKH�$SRVWOH�3HWHU�VD\V���³%OHVVHG�EH�*RG�WKH�)DWKHU�RI�RXU�/RUG�-HVXV�&KULVW�ZKR� LQ� KLV� JUHDW� PHUF\� KDV� JLYHQ� XV� D� QHZ� ELUWK� LQWR� D� OLYLQJ� KRSH� WKURXJK� WKHUHVXUUHFWLRQ�RI�-HVXV�&KULVW�IURP�WKH�GHDG�´$&7�2)�5(0(0%5$1&(�$1'�819(,/,1*�2)�7+(�3/$48(�E\�WKH�0D\RU�RI�0DU\ERURXJK$&7�2)�'(',&$7,21�/�� :LWK�IDLWK�LQ�RXU�/RUG�-HVXV�&KULVW��WKLV�PHPRULDO�KDV�EHHQ�XQYHLOHG��LQ�WKH�QDPH�RIWKH�)DWKHU�DQG�RI�WKH�6RQ�DQG�RI�WKH�+RO\�6SLULW���0D\�WKLV�SODTXH�EH�VHW�DSDUW�DV�DPHPRULDO�WR�WKRVH�ZKRP�ZH�KDYH�ORVW��DQG�IRU�WKH�JORU\�RI�*RG�$0(1�/� /HW�XV�SUD\�/RUG�-HVXV��RXU�JRRG�VKHSKHUG��:H�WKDQN�\RX�IRU�*ODG\V��3KRHEH��-RVHSKLQH��0DYLV��,YD�5LWD��0DU\��-R\FH��%DUEDUD��7KHOPD�(LOHHQ�DQG�/XNH�DQG�WKH�EOHVVLQJV�WKDW�IORZHG�IURP�WKHLU� OLYHV���$V�\RX�KDYH�EHHQ�ZLWK� WKHP� LQ� WKHYDOOH\�RI�WKH�VKDGRZ�RI�GHDWK��EH�ZLWK�XV�ZKR�FRQWLQXH�WR�PRXUQ���&RPIRUW�XV�LQ�RXUVRUURZ�� � +HDO� RXU� KXUW�� � 5HVWRUH� RXU� KDSSLQHVV� DQG� JXLGH� XV� LQ� \RXU� ZD\�5HPHPEHU�XV�DOO� LQ�OLIH�DQG�GHDWK�� UHIUHVK�XV�ZLWK�\RXU�JRRGQHVV�DQG�EULQJ�XV�DWODVW� LQWR�\RXU�HWHUQDO�KRPH��ZKHUH�ZH�ZLOO�IHDVW� WRJHWKHU�DW�\RXU�WDEOH�� IRU�\RX� OLYHDQG�UHLJQ�ZLWK�WKH�)DWKHU�DQG�WKH�+RO\�6SLULW��RQH�*RG��QRZ�DQG�IRUHYHU�$0(1�7+(�/25'¶6�35$<(5� �VDLG�WRJHWKHU�%(1(',&7,21�/� 7KH�SHDFH�RI�*RG�� ZKLFK�SDVVHV� DOO� XQGHUVWDQGLQJ�� NHHS� \RXU� KHDUWV� DQG�PLQGVVDIH�LQ�&KULVW�-HVXV� $0(1�

Page 15: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

7KH�3RUW�$UWKXU�7UDJHG\:KDW KDV� EHFRPH� NQRZQ� DV� WKH�3RUW� $UWKXU� WUDJHG\� RFFXUUHG� RQ� 6XQGD\� ��WK� $SULO�������3RUW�$UWKXU� LV�DQ�KLVWRULFDO�VLWH� LQ�7DVPDQLD��EHLQJ�D� IRUPHU�FRQYLFW�SHQDO�FRORQ\�2Q� WKDW� GD\� LQ� $SULO� D� ORQH� JXQPDQ� VKRW� DQG� NLOOHG� ��� PHQ�� ZRPHQ� DQG� FKLOGUHQ� DQGVHULRXVO\� ZRXQGHG� D� IXUWKHU� ��� SHRSOH�� � 7KH� YLFWLPV�� WKHLU� UHODWLYHV� DQG� RWKHUV� ZHUHDGPLWWHG�WR�5R\DO�+REDUW�+RVSLWDO�(LJKW�GD\V�DIWHU� WKHVH�HYHQWV��VWDII�RI� WKH�5R\DO�+REDUW�+RVSLWDO�ZDV� LQYLWHG� WR�JDWKHU� LQWKH�IRUH�FRXUW�RI�WKH�KRVSLWDO�DQG�WR�VKDUH�LQ�D�6HUYLFH�RI�5HVWRUDWLRQ���7KH\�ZHUH�LQYLWHG�WREULQJ�ZLWK�WKHP�VRPH�V\PEROV�RI�WKHLU�ZRUN�WR�SODFH�RQ�D�KRVSLWDO�EHG�PDNLQJ�D�WDEOHDX�7KH�VHUYLFH�ZDV�WLPHG�WR�RFFXU�EHWZHHQ�WKH�PRUQLQJ�DQG�DIWHUQRRQ�VKLIWV���0RUH�WKDQ����VWDII�DWWHQGHG�WKH�VHUYLFH���/LWXUJ\�IRU�WKH�VHUYLFH�ZDV�VKDSHG�E\�WKH�FKDSODLQV�DQG�VRPHVRFLDO�ZRUNHUV�FRXQVHOORUV�DW�WKH�KRVSLWDO�5HY�5H[�+XQW$W�WKH�WLPH�RI�WKH�WUDJHG\�5H[�PLQLVWHUHG�LQ�6FRWV�&KXUFK�SDUW�RI�WKH�+REDUW�&LW\�&HQWUH3DULVK� �7DVPDQLD�� RI� WKH� 8QLWLQJ� &KXUFK� LQ� $XVWUDOLD� DQG� ZDV� D� FKDSODLQ� DW� WKH� 5R\DO+REDUW�+RVSLWDO���+H�ZURWH�WKH�IROORZLQJ�DUWLFOH�DQG�WKH�VHUPRQ�WKDW�IROORZV�WKH�6HUYLFH�RI5HVWRUDWLRQ���+H�QRZ�PLQLVWHUV�DW�6W�-DPHV��&XUWLQ�:RGHQ�8QLWLQJ�&KXUFK��&DQEHUUD�

Page 16: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

6HUYLFH�RI�5HVWRUDWLRQ5R\DO�+REDUW�+RVSLWDO�WK 0D\������*$7+(5,1*�/��� 7KLV� DIWHUQRRQ�ZH� UHPHPEHU� WKRVH�ZKRP�ZH�KDYH� DWWHPSWHG� WR� VHUYH� WR� WKHEHVW�RI�RXU�DELOLW\�7KLV�VHUYLFH�JDWKHULQJ�LV�WR�DOORZ�DOO�PHPEHUV�RI�RXU�KRVSLWDO�FRPPXQLW\�WR�RQFHDJDLQ� MRLQ� WRJHWKHU� WR� VKDUH� RXU� VXSSRUW� IRU� HDFK� RWKHU� DQG� DOORZ� XV� WLPH� WRUHIOHFW�DQG�FRQQHFW�ZLWK�RXU�WKRXJKWV�DQG�IHHOLQJVFRQFHUQLQJ�RXU�UROHV�LQ�WKH�HYHQWV�RI�WKH�SDVW�ZHHN�:H�DFNQRZOHGJH�WKH�ERQG�DQG�WKH�FRPSDVVLRQ�ZKLFK�KDV�GHYHORSHG�EHWZHHQPDQ\�SHRSOH�LQ�WKLV�SDVW�ZHHN�ZKR��LQ�VRPH�FDVHV�KDG�SUHYLRXVO\�NQRZQ�OLWWOH�RI�HDFK�RWKHURU�RI�WKHLU�ZRUN�,W�KDV�EHHQ�D ZHHN�ZKHUH�ERXQGDULHV�EHWZHHQ�SURIHVVLRQV�ZHUH�IRUJRWWHQ��DQGZH�ZRUNHG�WRJHWKHU�DV�RQH�WHDP�:H�PDUN�ZLWK�SULGH�WKH�PDQ\�DFKLHYHPHQWV�NQRZQ�DQG�XQNQRZQ�ZKLFK�ZH�DV�D�FRPPXQLW\�RI�KHDOLQJKDYH�IXOILOOHG�:H�UHFRJQLVH�QRW�VLPSO\�WKH�PDQ\WKDW�ZHUH�FDOOHG�XSRQ�WR�IXOILO�H[WUD�GXWLHVRXWVLGH�WKHLU�QRUPDO�ZRUNLQJ�SDWWHUQ�EXW�WKRVH�ZKR�ZRUNHG�PDLQWDLQLQJ�WKH�RQJRLQJ�OLIH�DQGKHDOLQJ�QDWXUH�RI�WKLV�SODFH�/���� 7KLV� JDWKHULQJ� WRGD\� H[SUHVVHV� RXU� FORVH� UHODWLRQVKLS� ZLWK� HDFK� RWKHU� XQGHU*RG��ZKRVH�ORYH�DQG�SRZHU�H[WHQG�RYHU�DOO�FUHDWLRQ�(YHU\�OLIH���HYHU\�OLIH����LQFOXGLQJ�RXU�RZQ�LV�SUHFLRXV�WR�*RG�:H�SUD\� WKDW�*RG¶V� KHDOLQJ� EUHDWK�ZLOO� EORZ� DFURVV� WKLV� JUDVV� DQG� LQWR� HYHU\FRUQHU�RI�WKLV�KRVSLWDO���(YHU\�SDVVDJH�HYHU\�ZDUG�HYHU\�URRP�LQWR�WKH�VWDLUZHOOV�DQG�OLIWV�WKH�WKHDWUHV�DQG�DOO�SODFHV�RI�WUHDWPHQW�:DLWLQJ�URRPV�RIILFHV�WKH�NLRVN�(YHU\�SODFH�ZKHUH�SHRSOH�KDYH�JDWKHUHG�ZDLWHG�ZDWFKHG�

Page 17: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

'XULQJ�WKH�SOD\LQJ�RI�VRPH�PXVLF�ZH�LQYLWH�WKRVH�RI�\RX�ZKR�KDYH�GRQH�VR�WR�EULQJ�DQG�SODFH�VRPH�REMHFW�RI�FDUH�RU�VHUYLFHDV�D�V\PERO�RI�WKH�FRQWULEXWLRQ�ZKLFK�ZH�KDYH�PDGHLQGLYLGXDOO\�DQG�FROOHFWLYHO\WRZDUG�WKH�FDUH�RI�WKH�LQMXUHG�WKRVH�ZKR�GLHGDQG�WKH�PDQ\�ZKR�KDYH�FRPH�WR�XVILOOHG�ZLWK�GHVSDLU�DQG�VDGQHVV�086,&� ³6HFRQG�0RYHPHQW�RI�&RQFLHUWR�G¶$UDQMXH]´�E\�-RDTXLQ�5RGULJR32(75<� ³%OHVVHG�DUH�WKH�VRUURZLQJ���7KH\�VKDOO�EH�FRQVROHG´5()/(&7,21�

:H�KDYH�JLYHQ�RXU�EHVW�WR�VHUYHWKH�PDQ\�ZKR�KDYH�FRPH�QHHGLQJ�FDUH�7KH�VKRFNHG�7KH�LQMXUHG�7KH�JULHYLQJ�7KH�GHDG�$QG�WKHUH�ZHUH�RI�FRXUVH�WKH�PDQ\ZKR�ZHUH�DOUHDG\�KHUH�DV�SDWLHQWVDQG�ZKR�VWLOO�UHTXLUHG�FDUH�$QG�WKLV�ZH�GLG�)RU�WKLV�LV�VWLOO�D�SODFH�RI�KHDOLQJDQG�WKH�KHDOLQJ�SRZHU�RI�*RGLV�QRW�GLPLQLVKHGE\�DOO�WKDW�KDV�WDNHQ�SODFH�ZLWKLQ�DQG�ZLWKRXW�LWV�ZDOOV�,�WKLQN�HDFK�RQH�RI�XVKDV�EHHQ�H[WHQGHG�EH\RQG�ZKDW�ZH�PD\�KDYH�WKRXJKW�SRVVLEOH�:H�DUH�WLUHG�WKH�VWUDLQ�VWLOO�VKRZV�LQ�SHRSOH¶V�H\HV�DQG�IDFHV�,QWR�RXU�RUGHUHG�OLIHZDV�SODFHG�DQ�HYHQW�ZKLFKGLVSODFHG�RXU�RUGHU�GLVUXSWHG�RXU�URXWLQH�FKDQJHG�RXU�SODQV�DOWHUHG�RXU�IXWXUH�FKDOOHQJHG�RXU�XQGHUVWDQGLQJV�RIULJKW�DQG�ZURQJ�HYLO�DQG�JRRG�7KLV�WDEOHDX�RI�VHUYLFH�ZKLFK�ZH�KDYH�RIIHUHG�XQVWLQWLQJO\VWDQGV�DV�D�PHPRULDO�QRW�RQO\�WR�WKH�GHDG�DQG�LQMXUHGEXW�WR�XV�DV�KHDOHUV�DQG�FDUHUV�

Page 18: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

,W�ZDV�P\�LQWHQWLRQ�WKDW�LW�ZRXOG�UHPDLQ�IRU�D�ZKLOHDV�D�PHPRULDO�RI�RXUVHOYHV�,�WKLQN�LW�ZRXOG�EH�EHWWHU�LI��DV�ZH�OHDYH�ZH�WDNH�XS�DJDLQ�RXU�WRROV�RI�VHUYLFH�RXU�V\PEROV�RI�RXU�ZRUN�RI�FDUH�7DNLQJ�WKHP�ZLWK�SULGH�DQG�KRQRXU�DQG�ZLWK�KRSH�XVLQJ�WKHP�WR�UHFODLP�WKLV�SODFH�DV�RXUV�$V�D�SODFH�RI�VHUYLFH�RI�KHDOLQJ�RI�ZKROHQHVV�$�SODFH�RI�*RG�:H�FDQQRW�GHQ\�DQ\�RI�WKH�HYHQWV�WKDW�KDYH�SDVVHG�%XW�LQ�WKH�VWUHQJWK�RI�WKH�NQRZOHGJH�RI�RXU�ZRUNLQJ�WRJHWKHUXQGHU�*RG�ZH�FDQ�PRYH�IRUZDUG�ZLWK�FRQILGHQFH�DQG�KRSHLQWR WKLV�QHZ�ZHHN�VDGGHQHG�E\�WKH�HYHQWV�VWURQJHU�DQG�ZLVHUDQG�PRUH�FRPSDVVLRQDWH�E\�WKH�H[SHULHQFH�1RZ�PD\�WKH�OLJKW�RI�*RG¶V�IDFH�VKLQH�XSRQ�XVWR�GLVSHO�WKH�IRJ�RI�VRUURZ�ZKLFK�GDPSHQV�RXU�6SLULW�$QG�PD\�*RG¶V�SUHVHQFH�ZDON�ZLWK�XVDV�ZH�HQWHU�DQG�OHDYH�WKHVH�GRRUV�DV�ZH�ZDON�XSRQ�WKLV�JUDVVDQG�PRYH�ZLWKLQ�WKH�KRVSLWDO�VR�WKDW�ZH�FRPH�DQG�JR�DJDLQ�ZLWK�OLJKWQHVV�RI�VWHS�IUHH�RI�DQ[LHW\�DQG�DSSUHKHQVLRQ�5($',1*� ��&RULQWKLDQV�����6HOHFWHG�YHUVHV�7+(�,19,7$7,21� �5HSUHVHQWDWLYHV�RI�WKH� ILYH�JURXSV��$GPLQLVWUDWLRQ��1XUVLQJ��0HGLFDO��7KHUDSLHV��2WKHUV��EULQJWKHLU�EDOORRQV�WRJHWKHU�DW�WKH�IURQW�7KHVH�EDOORRQV�DUH�DOVR�D�V\PERO�RI�XV�7KH�FRORXUV�DUH�RXU�FRORXUV�(DFK�LV�VHSDUDWH�DV�ZH�DUH�VHSDUDWH�7RJHWKHU�ZH�PDNH�D�PLJKW\�FRORXUIXO�EXQFKDQG�WKDW�LV�ZKDW�ZH�DUH�5($',1*� ��&RULQWKLDQV��������D�

� � $V� WKH� EDOORRQV� DUH� UHOHDVHG�� SHRSOH� DUH� LQYLWHG� WR� WDNH� D� VSULJ� RI� JUHHQ� DV� D� V\PERO� RIUHQHZHG�KRSH�DQG�OLIH���3HRSOH�DOVR�WDNH�WKHLU�V\PEROV�RI�VHUYLFH�086,&� ³$�/DUN�$VFHQGLQJ´���E\�5DOSK�9DXJKDQ�:LOOLDPV� ��7KH�EDOORRQV�DQG�WKHLU�FRORXULQJ�LV�H[SODLQHG�LQ�WKH�DUWLFOH�³/LWXUJ\��/LWXUJLVWV�DQG�3RUW�$UWKXU´�RQ�S����� ,QWKDW�DUWLFOH�WKHUH�LV�DOVR�D�FRPPHQW�DERXW�ZKDW�KDSSHQHG� VSRQWDQHRXVO\� DV�SDUWLFLSDQWV�PRYHG� IRUZDUG� WRWDNH�WKHLU�VSULJ�RI�JUHHQ�

Page 19: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

,Q�WKH�$IWHUPDWK�RI�3RUW�$UWKXU$�VHUPRQ�SUHDFKHG�RQH�ZHHN�ODWHU$W�6FRWV�8QLWLQJ�&KXUFK��+REDUW%\�5HY�5H[�+XQW³/LIH�DV�D�ZKROH�QHYHU�WDNHV�GHDWK�VHULRXVO\�,W�ODXJKV�GDQFHV�DQG�SOD\V�,W�EXLOGV��JRHV�ILVKLQJ��VWXGLHV�DQG�ORYHV�LQ'HDWK¶V�IDFH�´

7KRVH�RI�\RX�ZKR��ODVW�7XHVGD\��VKDUHG�ZLWK�PHLQ�WKH�6HUYLFH�RI�7KDQNVJLYLQJ�IRU�WKH�OLIH�RI-HVVLH�.QLJKW��ZLOO�UHFRJQLVH�,�EHJDQ�P\�KRPLO\RQ�WKDW�RFFDVLRQ�ZLWK�WKRVH�ZRUGV�,Q�OLJKW�RI�DOO�WKH�HYHQWVZKLFK�KDYH�KDSSHQHG�LQ�DQG�DURXQG�3RUW�$UWKXUVLQFH�ZH�JDWKHUHG�LQ�WKLV�SODFH�ODVW�6XQGD\�,�IHOW�LW�ZDV�DSSURSULDWH�,�VKRXOG�EHJLQ�WRGD\¶VVHUPRQ�ZLWK�WKRVH�VDPH�ZRUGV�7KH\�DUH�QRW�P\�ZRUGV�EXW�IURP�P\�RZQ�OLIH�H[SHULHQFH,�IHHO�WKH\�DUH�WUXH�,�GR�OLYH�OLIH�ZLWKRXW�PXFK�WKRXJKW�RI�GHDWK�0\�GHDWK�$QG�WKLV�LV�GHVSLWH�WKH�IDFW�WKDW�,�ZRUN�DV�D�KRVSLWDO�FKDSODLQDQG�DP�FDOOHG�RXW�DW�DOO�KRXUV�RI�WKH�GD\�RU�QLJKWWR�EH�ZLWK�SHRSOH�ZKR�DUH�G\LQJ�'HDWK�LV�WKH�JUHDW�UXSWXUHU�ZKLFK�HYRNHV�SRZHUIXO�HPRWLRQVWKDW�QHHG�WR�EH�YHQWHG�RU�FDOPHG�%H�LW�WKH�GHDWK�RI�D�ORYHG�RQH�OLNH�-HVVLH�RU�EH�LW�D�WUDJHG\�WKDW�FRQIURQWV�WKH�FRPPXQLW\VXFK�DV�ZKDW�KDSSHQHG�ODVW�6XQGD\�DW�3RUW�$UWKXU�

RR2RR/LIH�GRHV�VHHP�WR�RIIHU�XV�D�SDUDGR[�2Q�WKH�RQH�KDQG�QRWKLQJ�LQ�WKH�ZRUOG�LV�PRUH�SUHFLRXVWKDQ�RQH�VLQJOH�KXPDQ�SHUVRQ�2Q�WKH�RWKHU�KDQG�QRWKLQJ�LQ�WKH�ZRUOG�LV�PRUH�VTXDQGHUHG�PRUH�H[SRVHG�WR�DOO�NLQGV�RI�GDQJHUV�WKDQ�WKH�KXPDQ�EHLQJ�

Page 20: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

,I�,�ZDV�WR�FRQGXFW�DQ�LQIRUPDO�VXUYH\�RI�\RX�DOO�WKLV�PRUQLQJ,�NQRZ�\RX�ZRXOG�EH�DEOH�WR�QDPH�PDQ\�HYHQWVZLWKLQ�WKH�KLVWRU\�RI�WKH�ZRUOGZKHUH�KXPDQ�OLIH�LV�ERWK�SUHFLRXV�DQG�VTXDQGHUHG�1RZ�µ3RUW�$UWKXU¶�FDQ��RQFH�DJDLQ�WDNH�LWV�SODFH�DPRQJ�WKRVH�VR�QDPHG�:KHQ�FRQIURQWHG�ZLWK�GHDWK��ZH�JULHYH�:H�JULHYH�IRU�WKH�RQH�ZKR�KDV�GLHG�:H�JULHYH�IRU�WKH�IDPLOLHV�DQG�IULHQGV�:H�JULHYH�IRU�RXUVHOYHV�$QG�LQ�RXU�JULHI�ZH�ILQG�PDQ\RI�RXU�EULWWOH�GHIHQFHV��DUH�EURNHQ�GRZQ�DQG�ZH�IHHO�VRPHZKDW�GHIHQFHOHVV�LQ�WKH�IDFHRI�D�VHHPLQJO\�KRVWLOH�DQG�QRQ�FDULQJ�ZRUOG�

RR2RR+RZ�GR�ZH�FRSH�LQ�WKH�ZDNH�RI�3RUW�$UWKXU"$QG�DV�,�WKLQN�DERXW�LW�µZDNH¶�LV�DQ�DSSURSULDWH�ZRUG�)ROORZLQJ�WKH�UHOHDVH�RI�QHZV�LWHPV�DERXW�3RUW�$UWKXU�LQ�WKH�PHGLD�PDQ\�IULHQGV�DQG�IRUPHU�ZRUN�FROOHDJXHV�RQ�WKH�PDLQODQGUDQJ�'\OLV��P\�ZLIH� WR�VHH�KRZ�,�ZDV�FRSLQJ�7KH\�NQHZ�WKDW�DV�FKDSODLQ�WR�WKH�5R\DO��+REDUW�+RVSLWDO�,�ZRXOG�EH�LQ�WKH�WKLFN�RI�LW�$QG�LQ�WKHLU�KHOSOHVVQHVV��WKHLU�ZRUG�WKH\�ZDQWHG�WR�UHDVVXUH�PH�RI�WKHLU�WKRXJKWV�WKHLU�FRQFHUQV��WKHLU�ORYH�DQG�WKHLU SUD\HUV�$QG�WKDW�FRQWDFW�ZDV�PXFK�QHHGHG�DQG�YHU\�PXFK�DSSUHFLDWHG�%XW�LW�ZDV�ZKHQ�ZH�RSHQHG�6FRWV�&KXUFK�IRU�SUD\HUDQG�SHRSOH�FDOOHG�LQ����DQG�ZKHQ�,�EHJDQ�WR�UHWXUQ�VRPH�RI�WKRVH�SKRQH�FDOOVDQG�FKDW�ZLWK�VRPH�RI�WKH�SHRSOH�WKDW�,�EHJDQ�WR�KHDUVWRULHV�RI�FRQQHFWLRQ���� ��D�VRQ�KDG�D�PDWH�ZKR�KDG�WZR�PDWHV�ZKR�ZHUH�NLOOHG� ��D�PRWKHU�ZKR�ZLWK�KHU�WZR�GDXJKWHUV�KDG�YLVLWHG�3RUW�$UWKXU�WKH�GD\�EHIRUH� ��D�QHLJKERXU�ZKR�ZDV�WKH�EURWKHU�RI�WKUHH�SHRSOH�ZKR�ZHUH�NLOOHG� � D� SHUVRQ� ZKR� KDG FDU� WURXEOH�� VR� YLVLWRUV� KLUHG� D� FDU� DQG� GURYH� GRZQWKHPVHOYHV��RQO\�WR�EH�NLOOHG� D�SHUVRQ�ZKR� IHOW�KH� WRR�PLJKW�GR�ZKDW� WKH�DOOHJHG�JXQPDQ�KDG�GRQH�DQG�EHFDXVH�RI�KLV�VWDWH�RI�PLQG��FRPPLWWHG�VXLFLGH�EHFDXVH�KH�ZDV�VR�IULJKWHQHGRI�KLPVHOI� � � D� PRWKHU� ZKR�� RQ� KHDULQJ� KHU� VRQ� KDG� EHHQ� VHULRXVO\� ZRXQGHG� DQG� KHUGDXJKWHU�LQ�ODZ�NLOOHG��VXIIHUHG�D�KHDUW�DWWDFN�DQG�GLHG�

Page 21: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

:KHQ�\RX�GURS�D�VWRQH�LQ�D�ODNHPDQ\�ULSSOHV�IORZ�IURP�WKDW�UXSWXUH�VSUHDGLQJ�RYHU�WKH�VXUIDFH�RI�WKH�ODNH�:KHQ�\RX�GURS����VWRQHV�LQWR�D�ODNH�DOO�DW�RQFH�WKH�ULSSOHV�IORZ�DQG�FULVVFURVV�LQ�YLROHQW�UHDFWLRQRYHU�WKH�HQWLUH�VXUIDFH�RI�WKH�ODNH�

RR2RR6R�KRZ�GR�ZH�FRSH�LQ�WKH�ZDNH�RI�3RUW�$UWKXU":KHQ�,�ILUVW�VHW�RXW�WR�SUHSDUH�WKLV�VHUPRQ�,�FRQIHVV�,�KDG�OLWWOH�LGHD�KRZ�WR DQVZHU�WKLV�TXHVWLRQ�6R�,�DVNHG�P\VHOI��5H[��KRZ�DUH�\RX�FRSLQJ",Q�OLJKW�RI�WKH�DQVZHUV�,�JDYH�P\VHOI,�RIIHU�WKHP�WR�\RXLQ�WKH�KRSH�WKH\�PD\�EH�D�KHDOLQJ�JLIWZKLFK�\RX�FDQ�XVH�DQG�VKDUH�DQG�EH�EOHVVHG�E\� � 7KH�ILUVW�WKLQJ�,�IHOW�,�KDG�ZDV D�VWURQJ�EHOLHIZKLFK�KDV�VKDSHG�P\�WKHRORJ\�IRU�WKH�SDVW����\HDUVWKDW�*RG�LV�D�FRPSDVVLRQDWH�*RG�ZKR�VKDUHV�RXU�MRXUQH\V�RI�VRUURZ�DQG�JULHI�DV�ZHOO�DV�RXU�WLPHV�RI�ODXJKWHU�DQG�MR\�$QG�WKDW�,�GLG�QRW�KDYH�WR�GHIHQG�*RG�LQ�WKH�IDFH�RI�HYLO�*RG�ZDV�DOUHDG\�WKHUH���:HHSLQJ� �� 7KH�VHFRQG�WKLQJ�,�IHOW�,�KDG�ZDV�D�EHOLHI�WKDWLQ�WKH�WHOOLQJ�DQG�OLVWHQLQJ�WR�WKH�VWRULHV,��DQG�ZH��FRXOG�ILQG�WKH�FOXHV�IRU�FRSLQJ�7KLV�LV�ZKDW�KDSSHQHG�WR�WKH�JULHYLQJ�DQG�EHZLOGHUHG�GLVFLSOHVRQ�WKH�URDG�WR (PPDXV�7KLV�LV�ZKDW�FDQ�KDSSHQ�WR�XV� ��$QG�WKH�WKLUG�WKLQJ�,�IHOW�,�KDG�RU�UDWKHU�EHQHILWHG�IURP��ZDV�FRPPXQLW\�,W�ZDV�LQ�WKH�SKRQH�FDOOV��WKH�OHWWHUV��WKH�IORZHUVDQG�WKH�ID[HV�WKDW�,�UHDOLVHG�,�WRR�ZDV�QRW�DORQH����WKDW�,�GLG�QRW�KDYH�WR�QRU�ZDV�,�H[SHFWHG��WR�FRSH�DORQH�

Page 22: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

$QG�\RX�NQRZ��ZLWK�D�WRXFK�RI�KLQGVLJKW�,�EHJDQ�WR�UHDOLVH�DOO�RYHU�DJDLQ�LV�WKLV�QRW�ZKDW�KDSSHQV�HDFK�WLPH�ZH�FHOHEUDWH�WKH�/RUG¶V�6XSSHU�:H�JDWKHU�WRJHWKHU����ZH�KHDU�WKH�VWRULHV����ZH�EUHDN�WKH�EUHDG ���DOO�LQ�WKH�SUHVHQFH�RI�D�FRPSDVVLRQDWH�*RGZKR�KDV�VKDUHG�RXU�MRXUQH\V�EHIRUH�XV�RR2RR

:KHQ�EHLQJ�LQWHUYLHZHG�E\�D�MRXUQDOLVW�IURP�$%&�UDGLRD�IHZ�GD\V�DIWHU�WKH�HYHQWV�,�WROG�KLP�DQ�LQFLGHQW�LQ�P\�SLOJULPDJHDURXQG�WKH�,VOH�RI�,RQD��LQ��6FRWODQG�,�ZRQ¶W�WHOO�\RX�WKDW�QRZ��EXW�,�ZLOO�VKDUH�ZLWK�\RX�VRPH�ZRUGVZKLFK�DUH�SDUW�RI�D�OLWXUJ\�IURP�WKH�,RQD�&RPPXQLW\�,W¶V�SDUW�RI�WKHLU�7XHVGD\�QLJKW�KHDOLQJ�VHUYLFH�����D�KHDOLQJ�VHUYLFH�ZKLFK�,�EHOLHYH�GRHV�MXVWLFHWR�D�FRPSDVVLRQDWH�*RGUDWKHU�WKDQ�WKH�HJRRI�D�FKDULVPDWLF�SUHDFKHU�7KH�ZRUGV�DUH�WKH�ZRUGV�RI�KHDOLQJ�³6SLULW�RI�WKH�OLYLQJ�*RG�SUHVHQW�ZLWK�XV�QRZ�HQWHU�\RX��ERG\��PLQG�DQG�VSLULW�DQG�KHDO�\RX�RI�DOO�WKDW�KDUPV�\RX����´$V�,�UHIOHFW�RYHU�WKH�HYHQWV�RI�WKLV�SDVW ZHHNDQG�P\�VPDOO�SDUW�LQ�LW��DV�SDUW�RI�D�ELJJHU�WHDP�,�EHOLHYH�,�KDYH�KHDUG�WKRVH�ZRUGV�PDQ\�WLPHV�$QG�WKH\�DUH�KHOSLQJ�WR�KHDO�PH�0D\EH�WKH\�FDQ�EH�KHDOLQJ�ZRUGV�IRU�\RX�DV�ZHOO�

7KLV�VHUPRQ�ZDV�SULQWHG�LQ�µ0LQLVWU\¶��9RO����1R����:LQWHU��������D�PDJD]LQH�SXEOLVKHG�E\WKH�%RDUG�RI�(GXFDWLRQ���16:�6\QRG��DQG�LV�XVHG�KHUH�ZLWK�SHUPLVVLRQ�

Page 23: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

2UGHU�RI�6HUYLFH7R�0DUN�WKH�$QQLYHUVDU\2I�WKH�7UDJHG\�DW�3RUW�$UWKXU��WK $SULO�����:HVOH\�&KXUFK8QLWLQJ�&KXUFK�LQ�$XVWUDOLD�/RQVGDOH�6W��0HOERXUQH086,&�%()25(�7+(�6(59,&(�

³2K��+RZ�%OHVW�DUH�<RX�:KRVH�7RLOV�DUH�(QGHG´�����3DXO�%RXUPDQ³+DYH�0HUF\�8SRQ�0H��2�/RUG´��-�6��%DFK³,Q�0HPRULXP�2SXV����1R���´���)ORU�3HHWHUV,1752,7� ³6HW�PH�DV�D�6HDO�XSRQ�\RXU�+HDUW´���6RQJ�RI�6RORPRQ���-RKQ�/HDYLWW�9LFWRULDQ�&KRUDOH�7XHVGD\�6LQJHUV�:(/&20(�+<01� ³3UDLVH��0\�6RXO��WKH�.LQJ�RI�+HDYHQ´7+(�*$7+(5,1*�$1'�&$//�72�:256+,3�/HDGHU� 7KH�/RUG�EH�ZLWK�\RX�3HRSOH� $QG�DOVR�ZLWK�\RX�/� 6RPH�RI�XV�KHUH�WKLV�PRUQLQJ�DUH�YLFWLPV�RI� WKH�3RUW�$UWKXUWUDJHG\���2WKHUV�RIXV��QRW�WRXFKHG�GLUHFWO\�E\� LWV� WUDXPD��DUH�KHUH�DV�VXSSRUWHUV�DQG�HQFRXUDJHUVWR�WKRVH�ZKRVH� OLYHV�ZHUH�IRUHYHU�FKDQJHG�RQH�\HDU�DJR� WRGD\�� �7RJHWKHU��ZHMRLQ� LQ� WKLV� VHUYLFH� NQRZLQJ� WKDW�*RG�� ZKR�KDV� DOZD\V� ZDONHG� ZLWK� WKRVH� ZKRVXIIHU�� ZHOFRPHV� XV� WR� WKLV� KRO\� SODFH� DV� ZH� UHFDOO� WKH� WHUURU� DQG� ORVV� RI� OLIHZKLFK� RFFXUUHG� WKDW� GD\�� � 7RGD\�� LQ� +REDUW� DQG� LQ� 3RUW� $UWKXU�� RWKHUV� DUHJDWKHULQJ�DV�ZH�DUH���:H�DUH�RQH�ZLWK�WKHP�RQ�WKLV�HPRWLRQDO�GD\�

:H�OLJKW�D�FDQGOH�DV�D�VLJQ�RI�WKH�&KULVWLDQ�IDLWK� WKDW�WKH�JRRGQHVV�RI�*RG�KDVWULXPSKHG�RYHU�HYLO�:H�UHFHLYH�D�EDVNHW�RI�GDIIRGLO�EXOEV�ZKLFK�ZLOO�EH�JLYHQ�WR�ZRUVKLSSHUV��DV�WKH\OHDYH�DW�WKH�FORVH�RI�WKH�VHUYLFH��DV�D�SURPLVH�RI�QHZ�OLIH�/HW�XV�SUD\�+RO\�DQG�JUDFLRXV�*RG��KHUH�LQ�WKLV�SODFH�DQG�DW�WKLV�KDUURZLQJ�WLPH��JLYH�XV�WKHIUHHGRP�WR�EH�KRQHVW�EHIRUH�\RX��WKH�KRQHVW\�WR�VHHN�FRXUDJH��DQG�WKH�FRXUDJHWR�DVN�\RXU�EOHVVLQJ���$QG��DV�-HVXV�WDXJKW�XV��ZH�SUD\�

7+(�/25'¶6�35$<(5�5($',1*�� -RKQ���������������������5HDG�E\�D�3RUW�$UWKXU�6XUYLYRU�

Page 24: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

+<01� ³7KH�/RUG¶V�0\�6KHSKHUG´5($',1*� ��&RULQWKLDQV�������������5HDG�E\�D�'H�EULHIHU��'HSW��RI�+XPDQ�6HUYLFHV�$''5(66� %\ D�&KDSODLQ�DW�5R\DO�+REDUW�+RVSLWDO5()/(&7,9(�6,/(1&(�35$<(5�)RU�WKRVH�ZKR�KDYH�GLHG/� $OPLJKW\�DQG�HWHUQDO�*RG�\RX�KDYH�JLYHQ�XV�OLIH�LQ�DOO�LWV�IXOOQHVVWKDW�WKURXJK�LW�ZH�PD\�NQRZ�\RXU�ORYH�DQG�FRPSDVVLRQ�:H�UHPHPEHU�EHIRUH�\RX�WKRVH�ZKR�KDYH�EHHQ�WDNHQ�IURP�XVLQ�VR�XQWLPHO\�DQG�WUDJLF�D�ZD\���:H�WKDQN�\RX�IRU�WKHLU�ORYH�DQGWKHLU�ZDUPWK��DQG�IRU�WKH�MR\�UHFHLYHG��WKURXJK�NQRZLQJ�WKHP�2Q�WKH�FURVV��\RXU�6RQ�RXU�6DYLRXU�FRPPHQGHG�KLV�VSLULW�LQWR�\RXU��KDQGV�ZH�FRPPHQG�LQWR�\RXU�NHHSLQJ�WKRVH�ZKR�KDYH�GLHG�WKDW�LQ�\RXU�LQILQLWH�ORYH�DQG�PHUF\��WKH\�PD\�NQRZ�HWHUQDO�OLJKWDQG�UHVW�LQ�\RXU�SUHVHQFH�LQ�WKH�GD\�RI�WKHLU�UHVXUUHFWLRQ�WKURXJK�-HVXV�&KULVW�RXU�/RUG� $0(1�)RU�WKRVH�ZKR�PRXUQ

&RPSDVVLRQDWH�/RUG�\RX�VXIIHUHG�LQ�WKH�JLYLQJ�RI�\RXU�GHDU�6RQ�WR�GHDWK�IRU�RXU�VDNHV�6WUHQJWKHQ�ZLWK�\RXU�EOHVVLQJ�WKRVH�IDPLOLHVZKR�VXIIHU�QRZ�LQ�WKH�ORVV�RI�WKHLU�ORYHG�RQHV�6XSSRUW�WKHP�LQ�WKHLU�JULHI�ZKHUH�WKHUH�LV�DQJHU�EULQJ�WKHP�WKH�FDOP�RI�\RXU�SHDFH�DQG�HQDEOH�WKHP�WR�PRYH�RQ�LQ�WKHLU�OLYHV�LQ�WKH�NQRZOHGJHWKDW�WKH\�DUH�QHYHU�DORQH�EXW�VXUURXQGHG�E\�\RXU�HYHUODVWLQJ�PHUF\DQG�JRRGQHVV��WKURXJK�-HVXV�&KULVW�RXU�/RUG�$0(1�)RU�WKRVH�ZKR�VXUYLYHG

*UDFLRXV�*RG��\RXU�6RQ�-HVXV�&KULVW�FDPH�WKDW�ZH�PLJKW�KDYH�DQG�NQRZ��OLIH�LQ�DOO�LWV�ULFKQHVV�:H�JLYH�\RX�WKDQNV�IRU�WKRVH�ZKRVH�OLYHV�ZHUH�VSDUHGLQ�WKH�IDFH�RI�WKLV�VKRFNLQJ�WUDJHG\�$V�ZH�FRQWHPSODWH�WKH�VDFUHGQHVV�RI�DOO�KXPDQ�OLIH�NHHS�XV�DV�D�FRPPXQLW\�HYHU�ZDWFKIXO�RI�WKH�ZD\VLQ�ZKLFK�ZH�FDQ�SURWHFW�\RXU�VDFUHG�JLIW�RI�OLIH�WKURXJK�-HVXV�&KULVW�RXU�/RUG� $0(1�

Page 25: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

)RU�WKH�SHUSHWUDWRU�RI�WKLV�WUDJHG\(WHUQDO�*RG��IURP�KLV�FURVV�RI�VKDPH�\RXU�6RQ�IRUJDYH�WKRVHZKR�FRQVSLUHG�WR�SXW�KLP�WR�GHDWK�*LYH�XV�WKH�VWUHQJWK��DQG�KHOS�XV�WKURXJK�\RXU�JUDFH�WR�PRYH�EH\RQG�YHQJHDQFH�WRZDUGV�KLP�ZKR�SHUSHWUDWHG�WKLV�KRUURUWR�IRUJLYHQHVV�DQG�SLW\�LQ�WKH�FLUFXPVWDQFHV�ZKLFK�OHG�WR�VXFK�D�FULPH�,Q�KLV�DQJXLVK��PD\�KH�NQRZ�UHPRUVH�DQG�\RXU�IRUJLYHQHVV�0D\�WKH�RIIHULQJ�LQ�SUD\HURI�RXU�IRUJLYHQHVV�EH�WKH�EHJLQQLQJ�RI�RXU�RZQ�SHDFH�7KHVH�WKLQJV�ZH�DVN�LQ�WKH�QDPH�RI�RXU�PXUGHUHG��ULVHQ�DQG�YLFWRULRXV6DYLRXU��-HVXV�&KULVW�RXU�/RUG� $0(1�6,/(17�35$<(5�62/2� ³,Q�3DUDGLVXP´���)URP�WKH�&DWKROLF�%RRN�RI�:RUVKLS�35$<(5�)RU�WKRVH�LQ�FDULQJ�UROHV*UDFLRXV�*RG��\RXU�6RQ�-HVXV�&KULVW�EURXJKW�JRRG�QHZV�WR�WKH�SRRU�UHOHDVH�WR�WKH�FDSWLYHV��UHFRYHU\�RI�VLJKW�WR�WKH�EOLQG�DQG�IUHHGRP�IRU�WKH�RSSUHVVHG�:H�WKDQN�\RX�IRU�WKH�JLIWV�RI�DOO�SHRSOH�LQ�WKH�FDULQJ�SURIHVVLRQV�IRU�FKDSODLQV��FRXQVHOORUV��GRFWRUV�DQG�QXUVLQJ�VWDII�DQG�DOO�RWKHU�VXSSRUWLQJ�DJHQFLHV�0D\�WKHLU�ZRUN�EH�WKH IDFH�RI�\RXU�SUHVHQFH�WR�DOO�WKRVH�LQ�WKHLU�FDUH�7KURXJK�-HVXV�&KULVW�RXU�/RUG� $0(1�)RU�WKRVH�LQ�HVVHQWLDO�VHUYLFHV$OPLJKW\�*RG��\RXU�6RQ�FRPPDQGHG�XV�WR�ORYH�\RX�ZLWK�DOO�RI�RXU�EHLQJDQG�RXU�QHLJKERXUV�DV�RXUVHOYHV�%OHVV�WKRVH�ZKR�ZDWFK�RYHU�WKH�ZHOO�EHLQJ�RI�\RXU�SHRSOHWKURXJK�KXPDQ�VHUYLFHV�WKH�SDUD�PHGLFDO�WHDPV��WKH�SROLFH�IRUFH�DQG�WKH�ILUH�GHSDUWPHQWV�:H�WKDQN�\RX�IRU�WKHLU�NHHQ�VHQVH�RI�GXW\�DQG�WKHLU�FDUH�IRU�DOO�SHRSOH�WKURXJK�-HVXV�&KULVW�RXU�/RUG� $0(1�)RU�WKRVH�ZKR�DGPLQLVWHU�MXVWLFH/RYLQJ�*RG�LW�LV�\RXU�ZLOO�WKDW�DOO�SHRSOH�OLYH�LQ�SHDFH�DQG�EH�JRYHUQHG�MXVWO\�:H�UHPHPEHU�WKRVH�ZKR�DGPLQLVWHU�MXVWLFH�DPRQJVW�XV��SROLFH��ODZ\HUV�DQG�MXGJHV���0D\�WKH\�IXOILO�WKHLU�UHVSRQVLELOLWLHVZLWK�LQWHJULW\��WKDW�WKRVH�ZKR�DUH�EURXJKW�WR�DFFRXQW�PD\�EH�MXGJHGULJKWO\�IRU�WKH�JRRG�RI�VRFLHW\�DQG�WKH�VHFXUH�FRQILGHQFH�RI�DOO�SHRSOH�:H�DVN�LW�LQ�WKH�QDPH�RI�WKH�3ULQFH�RI�3HDFH�-HVXV�&KULVW�RXU�ULVHQ�/RUG�DQG�6DYLRXU�$0(1�

Page 26: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

6,/(17�35$<(5�5($',1*�)520�'81%/$1( �2�)DWKHU��RQ�\RXU�ORYH�ZH�FDOO�:KHQ�VRUURZ�RYHUVKDGRZV�DOO�$QG�SDLQ�WKDW�IHHOV�WRR�JUHDW�WR�EHDU'ULYHV�IURP�XV�DQ\�ZRUGV�RI�SUD\HU�(QIROG�LQ�ORYH�IRU�HYHUPRUH$OO�WKRVH�ZH�ORYH��EXW�VHH�QR�PRUH�2XU�FKLOGUHQ��LQQRFHQW�DQG�GHDU�:HUH�VWUDQJHUV�WR�D�ZRUOG�RI�IHDU�(DFK�SUHFLRXV�OLIH�KDG�PRUH�WR�JLYH�,Q�HDFK��RXU�KRSHV�DQG�GUHDPV�FRXOG�OLYH�(QIROG�LQ�ORYH�IRU�HYHUPRUH$OO�WKRVH�ZH�ORYH��EXW�VHH�QR�PRUH�6R�EULHI��WKH�MR\�VLQFH�HDFK�ZDV�ERUQ�6R�ORQJ�WKH�\HDUV�LQ�ZKLFK�ZH�PRXUQ�*LYH�XV�FRPSDVVLRQ�WR�VXVWDLQ(DFK�RWKHU�LQ�WKLV�WLPH�RI�SDLQ�(QIROG�LQ�ORYH�IRU�HYHUPRUH$OO�WKRVH�ZH�ORYH��EXW�VHH�QR�PRUH�*XDUG�XV�IURP�ELWWHUQHVV�DQG�KDWH�DQG�VKDUH�ZLWK�XV�JULHI¶V�FUXVKLQJ�ZHLJKW�+HOS�XV�WR�OLYH�IURP�GD\�WR�GD\�8QWLO��RQFH�PRUH��ZH�ILQG�RXU�ZD\�(QIROG�LQ�ORYH�IRU�HYHUPRUH$OO�WKRVH�ZH�ORYH��EXW�VHH�QR�PRUH�:KHQ�GDUN�GHVSDLU�LV�DOO�DURXQG�$QG�IDOOLQJ�WHDUV�WKH�RQO\�VRXQG�/LJKW�RQH�VPDOO�IODPH�RI�KRSH�DQG�VWLOO<RX�ZDON�ZLWK�XV��DQG�DOZD\V�ZLOO�(QIROG�LQ�ORYH IRU�HYHUPRUH$OO�WKRVH�ZH�ORYH��EXW�VHH�QR�PRUH�:RUGV��-DQH�+ROORZD\�����+<01� ³7KLQH�EH�WKH�*ORU\��5LVHQ��&RQTXHULQJ�6RQ´%/(66,1*�352&(66,21��3267/8'(� 3DUDSKUDVH�RQ�D�FKRUXV�IURP�³-XGDV�0DFFDEDHXV´RI�+DQGHO���$OH[DQGUH�*XLOPDQW127(6�'DIIRGLO�EXOEV�ZHUH�JLYHQ�RXW�WR�DOO�ZKR�DWWHQGHG�DV�WKH\�OHIW�$Q�RSSRUWXQLW\�ZDV�JLYHQ�IRU�WKRVH�DIIHFWHG�E\�WKH�HYHQWV�RI�3RUW�$UWKXU�WR�PHHW�LQ�WKH�FKXUFK�KDOO���7KLV�ZDVFORVHG�WR�WKH�PHGLD�DQG�SXEOLF� ��7KLV�3UD\HU��KDG�EHHQ�XVHG�DW�D�VHUYLFH�DW� 'XQEODQH��6FRWODQG�,Q� WKH� FDWKHGUDO� FLW\� RI� 'XQEODQH� LQ� 6FRWODQG�� D� ³VLFN�� WZLVWHG� PDQ´� KDG� JRQH� WR� WKH� 3ULPDU\� 6FKRRO� RQ:HGQHVGD\���WK�0DUFK��ZLWK�HYLO�LQWHQWLRQV���+H�VKRW�GHDG�VL[WHHQ�ILYH�DQG�VL[�\HDU�ROG�FKLOGUHQ�DORQJ�ZLWKWKHLU� WHDFKHU�� LQ�WKH�VFKRRO�J\P��DQG�ZRXQGHG� WZHOYH�RI� WKHLU�FODVVPDWHV� DQG� WZR�RWKHU� WHDFKHUV�� �:LWKLQWKUHH�PLQXWHV�KH�DOVR�ZDV�GHDG�

Page 27: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

+RGGOH�6WUHHW�6WUDWKILHOG�6KRSSLQJ�&HQWUH0DVVDFUHV6HYHQ� SHRSOH� ZHUH� VKRW� GHDG� DQG� DQRWKHU� QLQHWHHQ� LQMXUHG� RQ� 6XQGD\� $XJXVW� �WK������� DERXW� ����SP��� ZKHQ� D� QLQHWHHQ� \HDU� ROG� H[�'XQWURRQ� VWXGHQW� RSHQHG� ILUH� RQSHRSOH�ZDONLQJ�RU�GULYLQJ�DORQJ�+RGGOH�6WUHHW��&OLIWRQ�+LOO��DQ� LQQHU�VXEXUE�RI�0HOERXUQH�7KH�NLOOHU�ZKR�ZDV�VDLG� WR�EH�REVHVVHG�ZLWK� YLROHQFH�� KDG�EHHQ�GULQNLQJ�KHDYLO\�� EHLQJGHSUHVVHG�E\�UHMHFWLRQ�IURP�WKH�DUP\�DQG�LQ�SHUVRQDO�UHODWLRQVKLSV���$SSDUHQWO\�KH�GHVLUHGWR�H[SHULHQFH� NLOOLQJ� VRPHRQH�DQG�EHLQJ� NLOOHG� DQG�ZDV�KRSHIXO� KLV� DFWLRQV�ZRXOG� GUDZSROLFH���+RZHYHU��KH�VXUUHQGHUHG�WR�WKHP�DQG�ZDV�ODWHU�VHQWHQFHG�WR�OLIH�LQ�SULVRQ�³2Q� WKH� DIWHUQRRQ� RI� 6DWXUGD\� ��WK� $XJXVW� ������ D�PDQ� VDW� IRU� D� ORQJ� WLPH� GULQNLQJFRIIHH� LQ� WKH� FRIIHH� VKRS� DW� 6WUDWKILHOG� 3OD]D�� LQ� WKH� 6\GQH\� VXEXUE� RI� 6WUDWKILHOG� ���:LWKRXW�ZDUQLQJ�KH�GUHZ�D�NQLIH�DQG�VWDEEHG�D�\RXQJ�����\HDU�ROG��JLUO�QHDUE\��WR�GHDWK��WKHQ�VKRW�DW�RWKHUV� LQ� WKH�FRIIHH�VKRS�DQG�HOVHZKHUH� LQ� WKH�3OD]D��DV�ZHOO�DV� WKH�VWUHHWEHORZ��NLOOLQJ�D�WRWDO�RI�VHYHQ�SHRSOH�DQG�ZRXQGLQJ�PDQ\�RWKHUV���+H�DEGXFWHG�D�ZRPDQLQ�KHU�FDU��WKHQ�DOLJKWHG�IURP�WKH�FDU�DQG�IDWDOO\�VKRW�KLPVHOI����³

'U��5RG 0LOWRQ����3URILOH�RI�D�0DVV�.LOOHU%ODFNVWRQH�3UHVV���������S��[L[�

Page 28: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

$�&RPPXQLW\�0HPRULDO�6HUYLFHRI�5HFRQFLOLDWLRQ +RGGOH�6W��0HOERXUQH6XQGD\���WK 2FWREHU������DV�LW�ZDV�DPHQGHG�IRU6WUDWKILHOG�6KRSSLQJ�&HQWUH��6\GQH\6XQGD\��WK 6HSWHPEHU������

&$//�72�:256+,3�/HDGHU� )ULHQGV�� ZH�KDYH� FRPH� WRJHWKHU� WR� UHPHPEHU� WKH� WUDJLF� HYHQWV� WKDW� RFFXUUHGKHUH�DQG� WR�FODLP� WKDW�HYHQ� LQ� WKH�PLGVW�RI� WKLV� WUDJHG\�ZH�FDQ� FRQWLQXH�DV�DFRPPXQLW\�

,W�LV�E\�VKDULQJ�WKH�JUHDW�HYHQWV�RI�RXU�OLYHV�WKDW�ZH�EHFRPH�D�FRPPXQLW\���%RWKMR\IXO�HYHQWV�DQG�WUDJHGLHV���6HSDUDWHO\�ZH�UHFHLYHG� WKH�QHZV�RI�WKH�VKRRWLQJVKHUH��VHSDUDWHO\�WKH�YLFWLPV�IHOO�%XW�LW�LV�WRJHWKHU�WKDW�ZH�DFNQRZOHGJH�WKH�HYHQW�WRGD\�WRJHWKHU�ZH�RIIHU�RXU�V\PSDWK\�DQG�VXSSRUW�WR�DOO�ZKR�KDYHEHHQ�GLUHFWO\�LQYROYHG�LQ�WKLV�WUDJHG\�7RJHWKHU�QRZ�ZH�DUH�WDNLQJ�D�VWHS�WR�KHDO�DQG�ZH�JLYH�WHVWLPRQ\WR�WKH�GHVLUH�RI�WKH�FRPPXQLW\�WR�JURZ�,W�LV�*RG�ZKR�FDQ�EULQJ�DERXW�WKLV�KHDOLQJ�:H�QRZ�DVN�KLP�IRU�WKDW�JUDFH�

+<01� ³7KH�/RUG¶V�P\�6KHSKHUG��,¶OO�QRW�ZDQW´6&5,3785(�5($',1*6� 6HOHFWHG�IURP�,VDLDK�FK������FK������7KH�+RGGOH�6W���6HUYLFH�XVHG�*HQHVLV���+20,/<�3(7,7,216�/HDGHU� /HW�XV�SUD\�ZLWK�FRQILGHQFH� WR�*RG�ZKR�DEVROYHV� WKH�SDVW��GLUHFWV� WKH�SUHVHQWDQG�FDOOV�XV�LQWR�KLV�IXWXUH���:H�SUD\�IRU�WKLV�FRPPXQLW\�RI�6WUDWKILHOG���7KURXJKWKH�ERQG�RI�RXU�FRPPRQ�KXPDQLW\��GUDZ�XV�WRJHWKHU�DQG�PDNH�XV�RQH�/RUG��KHDU�XV�3HRSOH��� /RUG��KHDU�RXU�SUD\HU�/� :H�SUD\�IRU�DOO�WKH�FRPPXQLWLHV�RI�ZKLFK�ZH�DUH�D�SDUW�DQG�LQ�ZKRVH�OLIH�ZH�VKDUH�/RUG��KHDU�XV�3� /RUG��KHDU�RXU�SUD\HU�

Page 29: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

/� :H�DFNQRZOHGJH�RXU�LQYROYHPHQW�LQ�WKH�YLROHQFH�RI�RXU� WLPHV� WKURXJK�RXU� ODFNRI�FRQFHUQ���/RUG��KHDU�XV�3� /RUG��KHDU�RXU�SUD\HU�/� 1XUWXUH�MXVWLFH�LQ�XV�DQG�D�VHQVH�RI�WKH�FRPPRQ�JRRG�VDYH�XV�IURP�RXU�DQJHU�DQG�D�GHOLJKW�LQ�YHQJHDQFH�/RUG��KHDU�XV�3� /RUG��KHDU�RXU�SUD\HU�/� :H�SUD\�IRU�DOO�ZKR�VWUHQJWKHQ�XV��RXU�IDPLOLHV��RXU�IULHQGV��RXU�QHLJKERXUV�DQGWKH�VXSSRUW�VHUYLFHV�LQ�WKLV�DUHD���/RUG��KHDU�XV�3� /RUG��KHDU�RXU�SUD\HU�/� :H�SUD\�IRU�WKH�YLFWLPV�RI�YLROHQFH��HVSHFLDOO\�IRU�WKRVH�ZKR�IHOO�KHUH�/RUG��KHDU�XV�3� /RUG��KHDU�RXU�SUD\HU�/� :H�SUD\�IRU�WKH�IDPLOLHV�DQG�IULHQGV�RI�DOO�ZKR�GLHG�KHUH�DQG�ZH�UHPHPEHU�WKHPLQ�WKHLU�JULHYLQJ�DQG�WKHLU�GLVWUHVV�/RUG��KHDU�XV�3� /RUG��KHDU�RXU�SUD\HU�/� 0D\�RXU�PHPRULDO�WR�WKRVH�ZKR�GLHG�DOVR�EH�RXU�FRPPLWPHQW�WR�VHHNKHDOLQJ��SHDFH�DQG�MXVWLFH�LQ�WKLV�FRPPXQLW\�/RUG��KHDU�XV�3� /RUG��KHDU�RXU�SUD\HU�7+(�/25'¶6�35$<(5� �VDLG�WRJHWKHU�$&7�2)�5(&/$0$7,21� /� :H�FDQQRW�OLYH�DQG�JURZ�ZKHQ�PHPRU\�RI�WKH�SDVW�RYHUSRZHUV�XV�DQG�NHHSV�XVLQ�IHDU���6R�QRZ�ZH�DVN�WKH�JRRG�*RG�WR�GHOLYHU�XV�IURP�VXVSLFLRQ�DQG�IHDU��WREOHVV� WKLV� WUHH� DQG� VHHGV� DV� VLJQV� WR� XV� RI� QHZ� OLIH� DQG� KRSH�� DQG� LQ� *RG¶VQDPH��ZH�QRZ�UHFODLP�WKLV�SODFH�IRU�RXU�FRPPXQLW\�DQG�IRU�KLV�JORU\�

+RO\�*RG�\RX�NQRZ�WKH�GHHS�GHVLUHV�RI�RXU�KHDUWV�EHIRUH�ZH�DVN�DQG�\RX�ZLOO�WKDW�ZH�VKRXOG�OLYH�LQ�SHDFH�DQG�MXVWLFH�'HOLYHU�WKLV�SODFH�IURP�WKH�SRZHU�RI�HYLO�DQG�IURP�WKH�PHPRU\�RI�YLROHQFH�5HOHDVH�WKLV�FRPPXQLW\�IURP�WKH�FKDLQV�RI�SDVW�HYHQWVDQG�SODQW�LQ�XV�WKH�ORYH�RI�SHDFH��WKH�ORYH�RI�HDFK�RWKHU�DQG�WKH�ORYH�RI�\RX�+DOORZ�WKLV�SODFH�DQG�EOHVV�WKLV�WUHH�DQG�VHHGV�WKDW�ZLWK�WKHP�ZH�PD\�JURZWRZDUGV�\RXU�LPDJH�LQ�XV�:H�DVN�WKLV�LQ�\RXU�QDPH�DQG�LQ�\RXU�VWUHQJWK�$0(1�

Page 30: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

/� 7KH�SHDFH�RI�WKH�/RUG�EH�DOZD\V�ZLWK�\RX�3� $QG�DOVR�ZLWK�\RX�/� 'XULQJ�WKH�6LJQ�RI�3HDFH�VRPH�SHRSOH�ZLOO�HQWHU�WKH�3OD]D�DQG�H[FKDQJH�SHDFHWKHUH���3OHDVH�H[FKDQJH�D�VLJQ�RI�SHDFH�ZLWK�HDFK�RWKHU�+<01� ³*RG�KDV�VSRNHQ�E\�KLV�3URSKHWV´%(1(',&7,21�/� :H� KDYH� JDWKHUHG� WRJHWKHU� WR� UHPHPEHU� WKH� YLFWLPV� RI� WKLV� WUDJHG\� DQG� WRUHFODLP�RXU�OLIH�DV�D�FRPPXQLW\���:H�JR�QRZ�IURP�KHUH�UHPHPEHULQJ�WKH�WUDJLFHYHQWV� EXW� ZLWK� D� UHQHZHG� GHVLUH� IRU� SHDFH� DQG� KDUPRQ\�� � $V� D� VLJQ� RI� WKLVFRPPLWPHQW� ZH� WDNH� WKHVH� VHHGV�� VLJQV� RI� QHZ� OLIH�� WR� RXU� RZQ� KRPHV� IRUSODQWLQJ�

*R�QRZ�DV�EHDUHUV�RI�SHDFH�

127(6�7KH� +RGGOH� 6W� 0HPRULDO� 6HUYLFH�� LQFOXGHG� D� WUHH� SODQWLQJ� FHUHPRQ\� DW� WKH� HQG� RI� WKHVHUYLFH��GXULQJ�ZKLFK�WKH�7DL]H�FKDQW�³:H�DGRUH�\RX��/RUG´�ZDV�VXQJ� 7KH� +RGGOH� 6WUHHW� 6HUYLFH� ZDV� FDOOHG� ³$� &RPPXQLW\� 0HPRULDO� 6HUYLFH� RI5HFRQFLOLDWLRQ´�� WKH� 6WUDWKILHOG� 6KRSSLQJ� &HQWUH� 6HUYLFH� WRRN� D� VOLJKWO\� GLIIHUHQWHPSKDVLV�E\�RPLWWLQJ�WKH�ODVW�WZR�ZRUGV� �,QFOXGHG�LQ�WKH�+RGGOH�6WUHHW�6HUYLFH�DW�WKLV�SRLQW��GXULQJ�WKH�WUHH�SODQWLQJ�7KLV�SRUWLRQ�RI�WKH�HDUWK�ZDV�PDGH�JRRG�DQG�SHDFHIXO�E\�*RG���%XW�LW�KDV�EHFRPH�DSODFH� RI� YLROHQFH� DQG� GHDWK�� � $V� WKHVH� WUHHV� FDQQRW� JURZ� LQ� VRLO� WKDW� KDV� EHHQPLVXVHG��VR�ZH�FDQQRW�OLYH�DQG�JURZ�ZKHQ�WKH�PHPRU\�RI�WKH�SDVW�RYHUSRZHUV�XVDQG�NHHSV�XV� LQ� IHDU�� �6R�QRZ�ZH�DVN� WKH�JRRG�*RG� WR�GHOLYHU�XV� IURP�VXVSLFLRQDQG� IHDU�� WR� EOHVV� WKHVH� WUHHV� DV� VLJQV� WR� XV� RI� QHZ� OLIH� DQG�KRSH�� DQG� LQ�*RG¶VQDPH��ZH�UHFODLP�WKLV�SODFH�IRU�RXU�FRPPXQLW\�DQG�IRU�KLV�JORU\� �,QFOXGHG�LQ�WKH�+RGGOH�6WUHHW�6HUYLFH�DW�WKLV�SRLQW�)URP� WKH�GLVORFDWLRQV�RI� WKH� SDVW� ZH�EHJLQ� WR� EXLOG� D� QHZ� FRPPXQLW\�� �:H�KDYHIRUPHG�D�KXPDQ�FLUFOH��D�V\PERO�RI�XQLW\�DQG�SHDFH���$V�D�VLJQ�RI�RXU�FRPPLWPHQWWR�WKH�IXWXUH��OHW�XV�JUHHW�HDFK�RWKHU�LQ�WKH�QDPH�RI�WKH�*RG�RI�SHDFH�7KH� +RGGOH� 6WUHHW� VHUYLFH� ZDV� SXW� WRJHWKHU� E\� D� JURXS� RI� ORFDO� PLQLVWHUV�� DQG� WKH6WUDWKILHOG� OLWXUJ\�E\� WKH�6WUDWKILHOG�+RPHEXVK�0LQLVWHUV�$VVRFLDWLRQ� OHG� E\�5HY�0LFKDHO%DUQHV�RI�WKH�8QLWLQJ�&KXUFK�LQ�$XVWUDOLD�DQG�)U�3DXO�5\DQ��WKH�ORFDO�&DWKROLF�SULHVW���7KHODWWHU�DOVR�GUHZ�RQ�H[SHUWLVH�XVHG�IRU�D�VHUYLFH�DIWHU�D�EXV�FUDVK�DW�.HPSVH\��1�6�:�

Page 31: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

1HZFDVWOH�(DUWKTXDNH$OWKRXJK $XVWUDOLD�KDV�PDQ\�DUHDV�DW�KLJK�ULVN�RI�HDUWKTXDNHV��LW�KDV�QRW�H[SHULHQFHGGHVWUXFWLRQ�WR�WKH�H[WHQW�RI�PDQ\�RWKHU�FRXQWULHV���,QGHHG�LQ�UHFHQW�WLPHV�WKHUH�KDG�EHHQQR�ORVV�RI�OLIH�DQG�UHODWLYHO\�OLWWOH�SURSHUW\�GDPDJH�E\�HDUWKTXDNHV�LQ�WKLV�FRXQWU\�7KDW�LV��XQWLO�DQ�HDUWKTXDNH�VWUXFN�LQ�1HZFDVWOH��1HZ�6RXWK�:DOHV��GXULQJ�WKH�GD\�RI�WKH��WK 'HFHPEHU������NLOOLQJ� WKLUWHHQ�SHRSOH�� LQMXULQJ�PDQ\�RWKHUV� DQG� FDXVLQJ� VLJQLILFDQWSURSHUW\�GDPDJH�$Q� HFXPHQLFDO� VHUYLFH� ZDV� FRQGXFWHG� DW� &KULVW� &KXUFK� $QJOLFDQ� &DWKHGUDO� RQ� ��WK-DQXDU\���������,W�ZDV�WR�KDYH�EHHQ�KHOG�RQ�WKH��WK -DQXDU\��MXVW�D�ZHHN�DIWHU�WKH�GLVDVWHU�EXW�DFFHVV�WR�WKH�LQQHU�FLW\�ZDV�VWLOO�UHVWULFWHG�WR�UHVLGHQWV�DQG�HPHUJHQF\�FUHZV�7KH�OLWXUJLVW�ZDV�WKH�'HDQ�RI�WKH�&DWKHGUDO��WKH�9HU\�5HY�*UDHPH�/DZUHQFH�

Page 32: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

$�6HUYLFH�RI�&RPPHPRUDWLRQDQG�5HQHZDO&KULVW�&KXUFK�$QJOLFDQ�&DWKHGUDO1HZFDVWOH)ULGD\��-DQXDU\���WK������

352&(66,21� /RFDO�DQG�VWDWH�GHQRPLQDWLRQDO�OHDGHUV�SURFHVV�LQ�+<01� ³$OO�FUHDWXUHV�RI�RXU�*RG�DQG�.LQJ´���$+%���:(/&20(�$1'�&$//�72�:256+,3�7KH�'HDQ� 7KH�&LW\�RI�1HZFDVWOH�DQG� WKH&KXUFKHV�RI�WKH�+XQWHU�ZHOFRPH�\RX� WR� WKLV&DWKHGUDO�DQG�ZH�KRSH� WKDW�WKLV�DFW�RI�ZRUVKLS�ZLOO�HQFRXUDJH�\RX��DQG� WKHFRPPXQLW\�DW�ODUJH��DV�ZH�VHHN�WR�UHEXLOG�DQG�UHFUHDWH�RXU�VKDWWHUHG�OLYHV�:H�FRPH�WR�PRXUQ�DQG�KRQRXU�RXU�HDUWKTXDNH�GHDG�WR�VKDUH�RXU�FRPSDVVLRQ�ZLWK�DOO�ZKR�DUH�EHUHDYHG�DQGVDGGHQHG�E\�WKH�GHDWK�RI�ORYHG�RQHV�WR�H[SUHVV�RXU�FRPPXQLRQ�ZLWK�WKRVH�ZKR�KDYH�EHHQ�SK\VLFDOO\�LQMXUHG�ZKR�KDYH�ORVW�KRPHV��SRVVHVVLRQV��EXVLQHVVHV�DQG�PHDQV�RI�OLYHOLKRRG�:H�ZLOO�DOVR�UHFRJQLVH�WKH�FRXUDJH��KHURLVP�DQG�HIILFLHQW�JHQHURVLW\�RI�WKRVHZKR� FDPH� WR� RXU� UHVFXH� DQG� UHKDELOLWDWLRQ� ZLWK� ORYLQJ� FDUH�� DQG� RIIHU� RXUJUDWLWXGH�WR�WKRVH�LQ�RXU�ZLGHU�6WDWH�DQG�1DWLRQ�ZKR�KDYH�JLYHQ�PDWHULDO�DQGILQDQFLDO�VXSSRUW�IRU�WKRVH�LQ�QHHG�:H�ZLOO�LQWHUFHGH�ZLWK�*RG�RXU�)DWKHU�WKDW�+H�VWUHQJWKHQ�DQG�LQYLJRUDWH�XV�LQWKH�GD\V��ZHHNV�DQG�PRQWKV�DKHDG�VR�WKDW�ZH�ZLOO�WUXO\�³EHDU�RQH�DQRWKHU¶VEXUGHQV´�DQG�HQFRXUDJH�HDFK�RWKHU� LQ� WKH�EXLOGLQJ�XS�RI�RXU�RZQ� OLYHV�DQGWKDW�RI�RXU�FRPPXQLW\�)LQDOO\�� WUXVWLQJ� LQ� WKH� ORYH� RI� *RG�� ZH� ZLOO� SOHGJH� RXUVHOYHV� DQHZ� WRHQGHDYRXU� WKDW� DOO� SHRSOH� LQ� RXU� FRPPXQLW\� ZLOO� ILQG� KDUPRQ\�� SHDFH� DQGKDSSLQHVV�DQG�WKDW�QRQH�ZLOO�EH�OHIW�GLVDGYDQWDJHG��DIILUPLQJ�IRU�RXUVHOYHV�D%LEOLFDO�SURSKHF\�WKDW³WKRVH�ZKR�ORRN�WR�WKH�/RUG�ZLOO�ZLQ�QHZ�VWUHQJWKWKH\�ZLOO�VRDU�DV�RQ�HDJOHV¶�ZLQJVWKH\�ZLOO�UXQ�DQG�QRW�IHHO�IDLQWPDUFK�RQ�DQG�QRW�JURZ�ZHDU\�´$QG� VR��P\� EURWKHUV� DQG� VLVWHUV� LQ� &KULVW�� ZH� ZLOO� ILUVW� SUD\� WR� RXU� )DWKHU�XVLQJ�ZLWK�FRQILGHQFH�WKH�SUD\HU�WKDW�-HVXV��WDXJKW�XV���/HW�XV�VD\�WRJHWKHU��

7+(�/25'¶6�35$<(5�7+(�($57+48$.(�(9(17� 5HDG�E\�WKH�'D\�(GLWRU�RI�WKH�µ1HZFDVWOH�+HUDOG¶

Page 33: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

+<01� ³2XU�*RG��RXU�+HOS�LQ�$JHV�3DVW´� �$+%����$''5(66� %\�WKH�/RUG�0D\RU�RI�1HZFDVWOH36$/0���� 7R�D�VHWWLQJ�E\�)UDQ]�6FKXEHUW��VXQJ�E\�WKH�&DWKHGUDO�&KRLU�5($',1*6�

,VDLDK������������� �5HDG�E\�WKH�*RYHUQRU�RI�16:�5HDGHU��� 7KLV�LV�WKH�ZRUG�RI�WKH�/RUG�5HVSRQVH��� 7KDQNV�EH�WR�*RG�5RPDQV������������������ �5HDG�E\�WKH�%LVKRS�RI�0DLWODQG�5HDGHU� 7KLV�LV�WKH�ZRUG�RI�WKH�/RUG�5HVSRQVH�� 7KDQNV�EH�WR�*RG�

7+(�&200(025$7,21�$1'�7+(�0(025,$/2)�7+26(�:+2�',('�$6�$�5(68/7�2)�7+(�($57+48$.(�$V�WKH�'HDQ�UHDG�WKH�QDPH�RI�HDFK�RI�WKH�WKLUWHHQ�SHRSOH�ZKR�GLHG��D�PHPRULDO�FDQGOH�ZDV�OLW�IURPWKH�(DVWHU�FDQGOH���7KH�QDPHV�ZHUH�SULQWHG�RQ�WKH�VHUYLFH�VKHHW�

$OO� /RUG��\RX�DORQH�DUH�WKH�VRXUFH�RI�OLIH�0D\�\RXU�OLIHJLYLQJ�6SLULW�IORZ�WKURXJK�XV�*UDQW�XV�\RXU�FRPSDVVLRQ�RQH�IRU�WKH�RWKHU�,Q�RXU�VRUURZ�JLYH�XV�WKH�FDOP�RI�\RXU�SHDFH�.LQGOH�RXU�KRSH�DQG�OHW�RXU JULHI�JLYH�ZD\�WR�MR\�WKURXJK�-HVXV�&KULVW�RXU�/RUG $0(1�$QG�IRU�WKRVH�ZKR�PRXUQ�$//� $OPLJKW\�*RG��)DWKHU�RI�DOO�PHUFLHV�DQG�JLYHU�RI�DOO�FRPIRUW�GHDO�JUDFLRXVO\��ZH�SUD\��ZLWK�WKRVH�ZKR�PRXUQ�WKDW��FDVWLQJ�DOO�WKHLU�FDUH�RQ�\RX�WKH\�PD\�NQRZ�WKH�FRQVRODWLRQ�RI�\RXU�ORYH�WKURXJK�-HVXV�&KULVW�RXU�/RUG� $0(1�+<01� ³/HDG�XV��+HDYHQO\�)DWKHU��/HDG�XV´���$+%�����7+(�+20,/<� %\�WKH�/RUG�%LVKRS�RI�1HZFDVWOH7KH� KRPLO\� FRPSOHWHG�� WKH� %LVKRS�JRHV� WR� D� SODFH� DW� WKH� 1DYH� DOWDU�� WRJHWKHU� ZLWK� WKH� +HDGV� RI&KXUFKHV�IRU�$1�$&7�$1'�3/('*(�2)�5(1(:$/�

9DULRXV�EDVLF�JLIWV�DUH� ODLG� RQ� WKH� DOWDU� EURXJKW� IURP� WKH� FRQJUHJDWLRQ� E\�GLYHUVH�PHPEHUV�RI� WKHFRPPXQLW\�� DQG� UHFHLYHG� E\� WKH� � 1HZFDVWOH� &KXUFK� OHDGHUV�� � $V� HDFK� V\PERO� LV� UHFHLYHG�� WKH%LVKRS��UHSUHVHQWLQJ�DOO�WKH�&KXUFK�OHDGHUV��VD\V�³)$7+(5´��DQG� WKH�FRQJUHJDWLRQ�MRLQV�LQ�ZLWK� WKHZRUGV�SULQWHG�RQ�WKH�VKHHW�

Page 34: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

)LUVW��LPSOHPHQWV�IURP�EXLOGHUV�DQG�WKH�EXLOGLQJ�WUDGH�DUH�EURXJKW�5HFHLYH�DQG�DFFHSW� WKHVH�EXLOGLQJ� WRROV� V\PEROLVLQJ� RXU� GHVLUH� WR� UHEXLOG� RXUFRPPXQLW\�ZLWK�KRQHVW\�DQG�LQWHJULW\�

6HFRQG��D�ORDI�RI�EUHDG�LV�EURXJKW�%UHDG�V\PEROLVHV�WKH�VWDII�RI�OLIH�*LYH�XV�HDFK�GD\�VXIILFLHQW�IRU�RXU�GDLO\�SLOJULPDJH�:H�ZLOO�VKDUH�RXU�GDLO\�EUHDG�ZLWK�WKH�KXQJU\�

7KLUG��ZDWHU�LV�EURXJKW�$FFHSW�WKLV�ZDWHU�ZKLFK�ZLOO�V\PEROLFDOO\�FOHDQVH�UHIUHVK�DQG�UHVWRUH�XV�0D\�LWV�KHDOLQJ�SRZHU�EULQJ�XV�QHZ�OLIH�DQG�KRSH�

)RXUWK��D�IDPLO\�EULQJV�D�OHQJWK�RI�URSH�7KLV�URSH�V\PEROLVHV�RXU�GHVLUH�WR�EH�WLHG�LQ�FRPPXQLRQ�ZLWK�HDFK�RWKHU�WR�EH�OLQNHG�LQ�VXSSRUW�RI�HDFK�RWKHU�DQG�WR�EH�XQLWHG�LQ�D�FRPPRQ�GHVLUH�WR�EHDURQH�DQRWKHU¶V�EXUGHQV�

/DVW��D�\RXQJ�WUHH�LV�EURXJKW�7KH�WUHH�V\PEROLVHV�NQRZOHGJH��OLIH�DQG�JURZWK�:H�ZLOO�JURZ�LQ�JUDFH��SODQWHG�E\�\RX��)DWKHU�DQG�ZDWHUHG�E\�\RXU�FRQWLQXLQJ�ORYH�0D\�RXU�IUXLWV�EH�KDUPRQ\��SHDFH��MR\�DQG�KDSSLQHVV�

$�PRPHQW¶V�VLOHQFH�LV�REVHUYHG�*UDFLRXV�)DWKHU��WHDFK�XV�WR�EHJLQ�RXU�ZRUNV�ZLWK�UHYHUHQFH�WR�JR�RQ�LQ�REHGLHQFH�DQG�ILQLVK�WKHP�ZLWK�ORYH�DQG�WKHQ�WR�ZDLW�SDWLHQWO\�LQ KRSH�DQG�ZLWK�JUDWHIXO�KHDUWV�WR�ORRN�WR�\RX�ZKRVH�SURPLVHV�DUH�IDLWKIXO�DQG�JLIWV�XQHQGLQJ�7KURXJK�-HVXV�&KULVW�RXU�/RUG� $0(1�

$�35$<(5�2)�*5$7,78'(�7KH�'HDQ� *RG� RXU� )DWKHU�� ZH� DUH� JUDWHIXO� IRU� DOO� WKRVH� PHQ� DQG� ZRPHQ� ZKR� KDYHVKRZQ�ORYH��FDUH��FRPSDVVLRQ��VXSSRUW�DQG�FRXUDJH�LQ�RXU�WLPH�RI�QHHG���:HDFNQRZOHGJH� WKH�JHQHURVLW\� RI� DOO� ZKR�KDYH�EHHQ�HQJDJHG� LQ� UHVFXH�� DQGWKH� EULQJLQJ� RI� UHOLHI� DQG� FRPIRUW� WR� WKRVH� PHQ�� ZRPHQ� DQG� FKLOGUHQ� ZKRKDYH�VXIIHUHG�DV�D�UHVXOW�RI�WKLV�HDUWKTXDNH�)DWKHU��ZH�WKDQN�<RX�5(63216(� 7KURXJK�-HVXV�&KULVW�RXU�/RUG�

Page 35: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

0RUH� SDUWLFXODUO\�� ZH� DUH� JUDWHIXO� IRU� UHVFXH� ZRUNHUV�� DPEXODQFH�� SROLFH�DUP\� DQG� ILUHILJKWLQJ� SHUVRQQHO�� GRFWRUV� DQG� QXUVHV�� FDUHUV� RI� FKLOGUHQ�FDUHUV� RI� WKH� DJHG�� EXLOGHUV� DQG� HQJLQHHUV�� &RXQFLO� VWDII�� FRXQVHOORUV�FKDSODLQV�� VRFLDO� VHUYLFH�ZRUNHUV�� DQG� IRU� DOO� ZKR�KDYH�EURXJKW� D� WRXFK�RIFDULQJ�IULHQGVKLS�LQWR�RXU�OLYHV�GXULQJ�WKHVH�VWUHVVIXO�GD\V�)DWKHU��ZH�WKDQN�<RX�5(63216(� 7KURXJK�-HVXV�&KULVW�RXU�/RUG�

:H�UHFRJQLVH��ZLWK�WKDQNVJLYLQJ��WKH�VSLULW�RI�VROLGDULW\�DQG�FRPPRQ�FRQFHUQZKLFK� QRZ� ELQGV� XV� WRJHWKHU� DQG� ZKLFK� ZLOO� KHOS� XV� FUHDWH� DQG� UHQHZRXUVHOYHV�DQG�RXU�FRPPXQLW\�)DWKHU��ZH�WKDQN�<RX�5(63216(� 7KURXJK�-HVXV�&KULVW�RXU�/RUG�

:LWK�\RXU�KHOS��)DWKHU��ZH�ZLOO�ZLQ�QHZ�VWUHQJWK�:H�ZLOO�VRDU�DV�RQ�DQJHOV¶�ZLQJV�:H�ZLOO�UXQ�DQG�QRW�IHHO�IDLQW�:H�ZLOO�SUHVV�RQ�DQG�QRW�JURZ�ZHDU\�:H�RIIHU�WKLV�WKDQNVJLYLQJ�LQ�\RXU�QDPH��)DWKHU�ZLWK�\RXU�6RQ��DQG�ZLWK�WKH�+RO\�6SLULW�$0(1�

+<01� ³1RZ�7KDQN�ZH�DOO�RXU�*RG´���$+%����7+(�&20%,1('�%/(66,1*�2)�$//�&+85&+�/($'(56�*R�IRUWK�LQWR�WKH�ZRUOG�LQ�SHDFH�EH�RI�JRRG�FRXUDJH�KROG�IDVW�WR�WKDW�ZKLFK�LV�JRRG�UHQGHU�WR�QR�PDQ�HYLO�IRU�HYLO�VWUHQJWKHQ�WKH�IDLQW�KHDUWHG�VXSSRUW�WKH�ZHDN��KHOS�WKH�DIIOLFWHG�KRQRXU�DOO�SHRSOH��ORYH�DQG�VHUYH�WKH�/RUG�UHMRLFLQJ�LQ�WKH�SRZHU�RI�WKH�+RO\�6SLULW�DQG�WKH�%OHVVLQJ�RI�*RG�$OPLJKW\��WKH�)DWKHU�WKH�6RQ�DQG�WKH�+RO\�6SLULW��EH�ZLWK�HDFK�RQH�RI�\RX�QRZ�LQ�WKH�GD\V�DKHDG��DQG�UHPDLQ�ZLWK�\RX�DOZD\V�$0(1�7KH�'HDQ� *R�LQ�SHDFH�WR�ORYH�DQG�VHUYH�WKH�/RUG�5HVSRQVH� ,Q�WKH�QDPH�RI�&KULVW� $0(1�

Page 36: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

7KH�%ODFNKDZN�$FFLGHQW$XVWUDOLD¶V ZRUVW� SHDFHWLPH� PLOLWDU\� DFFLGHQW� RFFXUUHG� ZKHQ� WZR� %ODFNKDZNKHOLFRSWHUV� FROOLGHG� GXULQJ� D� QLJKW� WUDLQLQJ� URXWLQH� DW� 7RZQVYLOOH�� 4XHHQVODQG�� RQ:HGQHVGD\���WK� -XQH������� � $V� D� UHVXOW� RI� WKH� DFFLGHQW� HLJKWHHQ� \RXQJ� VROGLHUV� ZHUHNLOOHG�DQG�WHQ�RWKHUV�ZHUH�LQMXUHG�7KLV� 0HPRULDO� VHUYLFH� ZDV� SXW� WRJHWKHU� E\� &KDSODLQ� )DWKHU� -LP� &RVJURYH� RI� WKH5RFKHGDOH�&DWKROLF�&KXUFK��%ULVEDQH�DQG�ZDV�FRQGXFWHG�DW�2XU�/DG\��4XHHQ�RI�$SRVWOHV&KXUFK��6WDIIRUG��4XHHQVODQG�VL[�GD\V�DIWHU�WKH�DFFLGHQW�

Page 37: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

0HPRULDO�6HUYLFHIRU�WKRVH�ZKR�GLHG�LQ�WKH�%ODFNKDZN�$FFLGHQW2XU�/DG\��4XHHQ�RI�$SRVWOHV�&DWKROLF�&KXUFK6WDIIRUG��4XHHQVODQG7XHVGD\���WK -XQH�����

+<01� ³$ELGH�ZLWK�0H´:(/&20(�35$<(5�&KDSODLQ� 2�*RG��E\�ZKRVH�SRZHU�&KULVW�ZDV�UDLVHG�IURP�WKH�GHDGJLYLQJ�XV�DOO�WKH�SURPLVH�RI�HWHUQDO�OLIH�OD\�\RXU�KDQG�LQ�ORYLQJ�NLQGQHVV�RQ�DOO�RI�XVZKR�QHHG�\RXU�PHVVDJH�RI�KRSH�WUXVWLQJ�LQ�\RXU�PHUF\�DQG�NLQGQHVV�ZH�FRPH�EHIRUH�\RX�LQ�SUD\HU�

(LJKWHHQ�$XVWUDOLDQ�VROGLHUV�KDYH�WUDJLFDOO\�GLHG�$OO� 0D\�WKH\�EH�HQMR\LQJ�XQLRQ�ZLWK�*RG�WKHLU�)DWKHU�DQG�RXU�)DWKHU�LQ�HWHUQDO�KDSSLQHVV�&� (LJKWHHQ�\RXQJ�$XVWUDOLDQV�ZHUH�NLOOHG�ZKLOVW�WUDLQLQJWR�NHHS�RXU�FRXQWU\�VDIH�$�� :H�SOHGJH�RXUVHOYHV�WR�EH�YLJLODQW�RI�WKH�VDIHW\DQG�GHIHQFH�RI�RXU�FRXQWU\�DQG�DVN�IRU�WKH�FRXUDJH�DQG�UHVROYHQHYHU�WR�ZDYHU�IURP�WKLV�SURPLVH�&� (LJKWHHQ�JURXSV�RI�IDPLOLHV�DQG�IULHQGV���VSRXVH��SDUHQWV��FKLOGUHQ�VLVWHUV��EURWKHUV��H[WHQGHG�IDPLO\��PDWHV�DQG�DFTXDLQWDQFHV�DUH�LQ�VRUURZ�$� 0D\�WKH\�EH�FRPIRUWHG�E\�WKH�NQRZOHGJH�RI�WKH�UHVXUUHFWLRQ�0D\�WKH\�UHFHLYH�V\PSDWK\�DQG�VXSSRUW�IURP�HDFK�RWKHU�DQG�EH�XSOLIWHG�E\�PHPRULHV�RI�KDSSLHU�WLPHV�&� 7HQ�RI�RXU�QXPEHU�VXUYLYHG�WKH�DFFLGHQW�EXW�QRW�ZLWKRXW�LQMXU\�$� :H�DVN�\RX��*RG��WR�H[WHQG�\RXU�KHDOLQJ�KDQGDQG�JXLGH�WKHLU�UHFRYHU\�WR�IXOO�KHDOWK�&� 0DQ\� SHRSOH� KDYH� EHHQ� LQYROYHG� LQ� WKLV� UHFHQW� WUDJHG\� DQG� KXUW� E\� LWVGHYDVWDWLRQ�� SHRSOH� DW� WKH� VLWH� LQ� WKH� 7RZQVYLOOH� 7UDLQLQJ� $UHD�� LQ� 7RZQVYLOOHLWVHOI��LQ�3HUWK��DQG�LQ�RWKHU�SDUWV�RI�RXU�FRXQWU\�DQG�RYHUVHDV�

Page 38: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

$� 0D\�DOO�WKHVH�SHRSOH��ZKR�UHFRYHUHG�WKH�GHDG�WHQGHG�WKH�LQMXUHG�DQG�VXSSRUWHG�WKRVH�LQ�VRUURZ�UHFHLYH�UHZDUG�IRU�WKHLU�JRRGQHVV�0D\�WKH\�EH�KDSS\�LQ�NQRZLQJ�WKDW�WKHLU�KHURLVP�DQG�PLQLVWU\KDYH�VKRZQ�WKH�KXPDQ�IDFH�RI�*RG�&� 7KH�FRPPXQLW\�RI�WKH�$XVWUDOLDQ�$UP\�DQG�WKH�$XVWUDOLDQ�'HIHQFH�)RUFHKDV�EHHQ�GHYDVWDWHG�E\�WKLV�DFFLGHQW�$� 0D\�RXU�&KLHI�RI�WKH�'HIHQFH�)RUFH�RXU�&KLHI�RI�WKH�*HQHUDO�6WDIIDQG�DOO�PHPEHUV�RI�WKH�$XVWUDOLDQ�'HIHQFH�)RUFHULVH�DERYH�WKLV�WUDJHG\�DQG�UHFRPPLW�WKHPVHOYHVWR�WUDLQLQJ�IRU�WKH�GHIHQFH�RI�RXU�QDWLRQ�&� 2XU�FRXQWU\��$XVWUDOLD��KDV�ORVW�HLJKWHHQ�GHGLFDWHG�FLWL]HQV�HLJKWHHQ�PHQ ZKR�ZHUH�SUHSDUHG�WR�PDNH�WKH�VXSUHPH�VDFULILFHIRU�WKH�JRRG�RI�RXU�QDWLRQ�$� 0D\�RXU�*RYHUQRU�*HQHUDO��RXU�3ULPH�0LQLVWHU��RXU�0LQLVWHUVUHVSRQVLEOH�IRU�DOO�DVSHFWV�RI�GHIHQFH�DQG�DOO�WKRVH�LQ�DXWKRULW\OHDG�WKH�FLWL]HQV�RI�$XVWUDOLD�WR�OR\DO�SDWULRWLVPDQG�D�FRPPLWPHQW�WR�D�VDIH�DQG�SHDFHIXO�QDWLRQ�&� )DWKHU��\RXU�6RQ�-HVXV�&KULVW�WDXJKW�XV�WR�SUD\�7+(�/25'¶6�35$<(5�),567�5($',1*�$�5HDGLQJ�IURP�WKH�3URSKHW�,VDLDK�2Q�WKLV�PRXQWDLQ�WKH�/RUG�RI�KRVWV�ZLOO�PDNH�IRU�DOO�SHRSOH�D�IHDVW�RI�ULFK�IRRG��D�IHDVW�RIZHOO�DJHG�ZLQHV��RI�ULFK�IRRG�ILOOHG�ZLWK�PDUURZ��RI�ZHOO�DJHG�ZLQHV�VWUDLQHG�FOHDU���$QG�KHZLOO� GHVWUR\� RQ� WKLV�PRXQWDLQ� WKH� VKURXG� WKDW� LV� FDVW� RYHU� DOO� SHRSOHV�� WKH� VKHHW� WKDW� LVVSUHDG�RYHU�DOO�QDWLRQV��KH�ZLOO� VZDOORZ�XS�GHDWK� IRUHYHU�� � 7KHQ� WKH�/RUG�*RG�ZLOO� ZLSHDZD\�WKH�WHDUV�IURP�DOO�IDFHV��DQG�WKH�GLVJUDFH�RI�KLV�SHRSOH�KH�ZLOO�WDNH�DZD\�IURP�DOO�WKHHDUWK��IRU� WKH�/RUG�KDV�VSRNHQ�� � ,W�ZLOO�EH�VDLG�RQ� WKDW�GD\��/R�� WKLV� LV�RXU�*RG��ZH�KDYHZDLWHG�IRU�KLP��VR�WKDW�KH�PLJKW�VDYH�XV���7KLV�LV�WKH�/RUG�IRU�ZKRP�ZH�KDYH�ZDLWHG��OHW�XVEH�JODG�DQG�UHMRLFH�LQ�KLV�VDOYDWLRQ�7KLV�LV�WKH�:RUG�RI�WKH�/RUG�$//� 7KDQNV�EH�WR�*RG�&� (WHUQDO�*RG��DV�ZH�UHPHPEHU�WKRVH�ZKR�GLHG�RQ� WKH�QLJKW�RI�:HGQHVGD\���WK-XQH�� PDNH� XV� WKLV� GD\� WR� UHPHPEHU� WKH� XQVHHQ� FORXG� RI� ZLWQHVVHV� ZKRFRPSDVV�XV�DERXW�

Page 39: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

& 7KRVH�ZKR�LQ�HYHU\�DJH�DQG�JHQHUDWLRQZLWQHVVHG�WR�WKHLU�IDLWK�LQ�OLIH�DQG�LQ�GHDWK�7KRVH�ZKR�E\�WKHLU�FRXUDJH�DQG�WKHLU�VDFULILFHZRQ�IRU�XV�WKH�IUHHGRP�DQG�WKH�OLEHUW\�ZH�HQMR\�7KRVH�ZKR�VHUYHG�WKHLU�EURWKHUV�DQG�VLVWHUV�DW�WKH�FRVW�RI�SDLQ�RI�SHUVHFXWLRQ�DQG�RI�GHDWK�7KRVH�IRU�ZKRP�DOO�WKH�WUXPSHWV�VRXQGHG�DV�WKH\�SDVVHG�RYHU�WR�WKH�RWKHU�VLGH�7KRVH�ZKRP�ZH�KDYH�ORYHG�DQG�ZKR�KDYH�JRQH�WR�EH�ZLWK�\RX�DQG�ZKRVH�QDPHV�DUH�ZULWWHQ�RQ�RXU�KHDUWV�+HOS�XV�WR�ZDON�ZRUWKLO\�RI�WKRVH�LQ�ZKRVH�XQVHHQ�SUHVHQFH�OLIH�LV�OLYHG�+HOS�XV�WR�KDYH�LQ�RXU�OLYHV�

$OO� 7KHLU�FRXUDJH�LQ�GDQJHU�7KHLU�VWHDGIDVWQHVV�LQ�WULDO�7KHLU�SHUVHYHUDQFH�LQ�GLIILFXOW\�7KHLU�OR\DOW\�ZKHQ�OR\DOW\�LV�FRVWO\�7KHLU�ORYH�ZKLFK�QRWKLQJ�FDQ�FKDQJH�7KHLU�MR\�ZKLFK�QRWKLQJ�FDQ�WDNH�DZD\�&� 6R�JUDQW�WR�XV�LQ�\RXU�JRRG�WLPH�WR�VKDUH�ZLWK�WKHPWKH�EOHVVHGQHVV�RI�\RXU�QHDUHU�SUHVHQFH�WKDW�ZH�DOVR�PD\�FRPH�WR�WKDW�OLIH�$OO� :KHUH�DOO�WKH�TXHVWLRQV�DUH�DQVZHUHG�:KHUH�DOO�WKH�WHDUV�DUH�ZLSHG�DZD\�:KHUH�ZH�VKDOO�PHHW�DJDLQ��QHYHU�WR�EH�VHSDUDWHG�IURP�WKHP�WKRVH�ZKRP�ZH�KDYH�ORYHG�DQG�ORVW�DZKLOH�:KHUH�ZH�VKDOO�EH�IRUHYHU�ZLWK�RXU�/RUG�&� 6R�JUDQW�WR�XV�LQ�WKLV�OLIH�QHYHU�WR�IRUJHW�WKRVH�ZKR�KDYH�JRQH�EHIRUH�VR�WKDW�LQ�WKH�OLIH�WR�FRPH�ZH�PD\�VKDUH�WKHLU�EOHVVHGQHVV�WKURXJK�-HVXV�&KULVW�RXU�/RUG�$OO� $0(1�+<01� ³7KH�/RUG¶V�P\�6KHSKHUG´$�5($',1*�)520�7+(�+2/<�*263(/�$&&25',1*�72�-2+1�$V� WKH� )DWKHU� KDV� ORYHG� PH�� VR� ,� KDYH� ORYHG� \RX�� DELGH� LQ� P\� ORYH�� � ,I� \RX� NHHS� P\FRPPDQGPHQWV��\RX�ZLOO�DELGH�LQ�P\�ORYH��MXVW�DV�,�KDYH�NHSW�P\�)DWKHU¶V�FRPPDQGPHQWVDQG�DELGH�LQ�+LV�ORYH���,�KDYH�VDLG�WKHVH�WKLQJV�WR�\RX�VR�WKDW�P\�MR\�PD\�EH�LQ�\RX��DQGWKDW�\RXU�MR\�PD\�EH�FRPSOHWH���7KLV�LV�P\�FRPPDQGPHQW��WKDW�\RX�ORYH�RQH�DQRWKHU�DV�,KDYH�ORYHG�\RX���1R�RQH�KDV�JUHDWHU�ORYH�WKDQ�WKLV��WR�OD\�GRZQ�RQH¶V�OLIH�IRU�RQH¶V�IULHQGV�<RX�DUH�P\�IULHQGV�LI�\RX�GR�ZKDW�,�FRPPDQG�\RX���,�GR�QRW�FDOO�\RX�VHUYDQWV�DQ\�ORQJHU�EHFDXVH�WKH�VHUYDQW�GRHV�QRW�NQRZ�ZKDW�WKH�PDVWHU�LV�GRLQJ��EXW�,�KDYH�FDOOHG�\RX�IULHQGV�EHFDXVH�,�KDYH�PDGH�NQRZQ�WR�\RX�HYHU\WKLQJ�WKDW�,�KDYH�KHDUG�IURP�P\�)DWKHU���<RX�GLGQRW�FKRRVH�PH�EXW�,�FKRVH�\RX���$QG�,�DSSRLQWHG�\RX�WR�JR�DQG�EHDU�IUXLW��IUXLW�WKDW�ZLOO�ODVW�VR� WKDW� WKH�)DWKHU� ZLOO� JLYH� \RX� ZKDWHYHU� \RX� DVN� LQ�P\� QDPH�� � ,� DP� JLYLQJ� \RX� WKHVHFRPPDQGV�VR�WKDW�\RX�PD\�ORYH�RQH�DQRWKHU�

Page 40: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

7KLV�LV�WKH�*RVSHO�RI�WKH�/RUG�$OO� 3UDLVH�WR�\RX�/RUG�-HVXV�&KULVW�$''5(66� 7KH�&RPPDQGHU�RI�WKH��WK %ULJDGH35$<(5�

2XUÃ�/RUG�*RG��WKH�)DWKHU�RI�DOO�SHRSOH�DQG�DOO�QDWLRQV�WKDW�GZHOORQ�WKH�IDFH�RI�WKH�HDUWK��ZKR�VHQW�\RXU�6RQ�WR�EUHDN�GRZQ�WKH�EDUULHUVEHWZHHQ�SHRSOH�DQG�EHWZHHQ�QDWLRQV��ZH�SUD\�\RX�WR�SURWHFW�XVIURP�WKH�WKUHDWV�WR�RXU�SHDFH�LQ�HYHU\�SDUW�RI�WKH�ZRUOG�DQG�WR�EOHVV�DOO�WKRVH�ZKR�DUH�ZRUNLQJ�WR�EXLOG�WKH�IRXQGDWLRQVRI�WUXH�SHDFH�HYHU\ZKHUH���*LYH�ZLVGRP�WR�DOO�RXU�OHDGHUVDQG�WR�DOO�ZKR�OHDG�DQG�LQIOXHQFH�WKHLU�IHOORZV��VR�WKDW�ZHPD\�EUHDN�IUHH�IURP�WKH�ERQGV�RI�IHDU�DQG�VXVSLFLRQ��DQGILQG�WKH�ZD\�WR�PXWXDO�VHUYLFH�DQG�FRPPXQLW\��WKURXJKWKH�IROORZLQJ�RI�WKH�ORYH�RI�&KULVW��IRU�+LV�QDPH¶V�VDNH�$OO� $0(1�7,0(�2)�5(0(0%5$1&(�,QWURGXFWLRQ+RQRXU�5ROO/D\LQJ�RI�:UHDWKV7KH�/DVW�3RVW7ZR�0LQXWHV�6LOHQFH5RXVH35$<(5�&� /RUG�*RG��WRGD\�ZH�KDYH�SDXVHG�WR�DFNQRZOHGJH�\RXU�SODFH� LQ�RXU� OLYHV�� �:HKDYH�EHHQ�GLVWXUEHG��GLVWUHVVHG�DQG�GLVPD\HG�E\�WKH�GHDWKV�RI�IHOORZ�VROGLHUV�:H�KDYH�KRQRXUHG�WKHP�IRU�WKHLU�FRXUDJH��GLOLJHQFH�DQG�FRPPLWPHQW�LQ�WUDLQLQJ�:H� KDYH� UHPHPEHUHG� WKHP� DQG� SUD\HG� IRU� WKHLU� IDPLOLHV�� ORYHG� RQHV� DQGZRUNPDWHV���7KHLU�VDFULILFH�KDV�WRXFKHG�RXU�OLYHV�DQG�ZH�KDYH�EHHQ�FKDOOHQJHGWR�YDOXH�WKRVH�ZKR�DUH�SUHFLRXV�WR�XV���:H�DUH�DZDUH�RI�WKH�ERQG�ZKLFK�OLQNV�XVWR�RQH�DQRWKHU�LQ�WKH�PLOLWDU\�IDPLO\�DQG�ZH�WKDQN�\RX� IRU� IULHQGVKLSV� IRUJHG� LQWUDLQLQJ�DQG�GHSOR\PHQW�

/RUG��DV�ZH�JR�IRUZDUG�IURP�WKLV�WLPH�WR�FDUU\�RQ�ZKDW�RWKHUV�KDYH�EHJXQ��PD\\RXU� +RO\� 6SLULW� FRQWLQXH� WR� EH� ZLWK� XV� WKURXJK� HDFK� FLUFXPVWDQFH�� PXQGDQHDQG� RUGLQDU\�� H[FLWLQJ� DQG� FKDOOHQJLQJ�� SDLQIXO� DQG� KXUWIXO�� IULJKWHQLQJ� DQGIHDUIXO��KLODULRXV�DQG�KHDUW�ZDUPLQJ���*LYH�XV�D�VHQVH�RI�\RXU�SUHVHQFH�ZH�SUD\WKURXJK�-HVXV�&KULVW�RXU�/RUG�$OO� $0(1�+<01� ³6ROGLHUV�RI�$XVWUDOLD´

Page 41: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

%/(66,1*�&� *R�IRUWK�LQWR�WKH�ZRUOG�LQ�SHDFH�EH�RI�JRRG�FRXUDJH�KROG�IDVW�WKDW�ZKLFK�LV�JRRG�UHQGHU�WR�QR�PDQ�HYLO�IRU�HYLO�VWUHQJWKHQ�WKH�IDLQW�KHDUWHG�VXSSRUW�WKH�ZHDN�KHOS�WKH�DIIOLFWHG�KRQRXU�DOO�PHQ�ORYH�DQG�VHUYH�WKH�/RUG�UHMRLFLQJ�LQ�WKH�SRZHU�RI�WKH�+RO\�6SLULW�DQG�WKH�EOHVVLQJ�RI�*RG�DOPLJKW\��WKH�)DWKHU��WKH�6RQDQG�WKH�+RO\�6SLULW��EH�DPRQJVW�\RX�DQG�UHPDLQ�ZLWK�\RX�DOZD\V�$0(1�

Page 42: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

.HZ�&RWWDJH�)LUHV:KHQ DQ\�SHUVRQ�GLHV��WUDSSHG�LQ�D�EXLOGLQJ�RQ�ILUH��LW� LV�LQGHHG�D�WUDJHG\���(YHQ�PRUHGLVWUHVVLQJ�LV�ZKHQ�D�QXPEHU�RI�SHRSOH�SHULVK��VRPH�EHFDXVH�WKH\�ZHUH�SUHYHQWHG� IURPHVFDSLQJ���:H�IHHO�D�VHQVH�RI� LQMXVWLFH�ZKHQ�WKDW�KLQGUDQFH� LV�SDUWO\�EHFDXVH�WKH\�ZHUHFKLOGUHQ��DJHG��EHG�ULGGHQ�RU�GLVDEOHG�2Q�WKH�HYHQLQJ�RI��WK $SULO�������ILUH�EURNH�RXW�LQ�UHVLGHQWLDO�FRWWDJHV�IRU�PHQWDOO\�GLVDEOHGPHQ�DW�.HZ�LQ�VXEXUEDQ�0HOERXUQH��QLQH�RI�WKHP�GLHG�:KLOVW�FULWLFLVP�XOWLPDWHO\�IROORZV�DV�WR�ZKHWKHU�GLIIHUHQW�RU�EHWWHU�SURYLVLRQV�IRU�WKHLU�FDUHPD\�KDYH�SUHYHQWHG�VXFK�D�ORVV��QRWKLQJ�FDQ�GLPLQLVK�WKH�SDLQ�DQG�VHQVH�RI�ORVV�RI�IDPLO\PHPEHUV� DQG� WKHLU� H[WHQGHG� IDPLOLHV�� LQFOXGLQJ� WKRVH� ZKR� FDUHG� IRU� WKHP� GDLO\� LQ� DQLQVWLWXWLRQDO�VHWWLQJ���:LWK�D�VHQVH�RI�KHOSOHVVQHVV��WKH�FRPPXQLW\�DW� ODUJH� IHHOV�VRPH�RIWKDW�SDLQ�DQG�VRUURZ��DQG�QHHGV�WKH�RSSRUWXQLW\�WR�EH�KHOSHG�ZLWK�WKHLU�JULHI�7KLV� VHUYLFH� ZDV� FRQGXFWHG� DW� WKH� $QJOLFDQ� &DWKHGUDO� RI� 6W�� 3DXO�� 0HOERXUQH�� LQ� WKHSUHVHQFH�RI�+HDGV�RI�&KXUFKHV�DQG�6WDWH�2IILFLDOV�

Page 43: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

0HPRULDO�6HUYLFHIRU�WKRVH�ORVW�LQ�WKH�ILUHV�DW.HZ�5HVLGHQWLDO�6HUYLFHVRQ��WK $SULO�����7KH�$QJOLFDQ�&DWKHGUDO�&KXUFK�RI�6W��3DXO:HGQHVGD\���WK $SULO�����

352&(66,21�$W����QRRQ�WKH�FRQJUHJDWLRQ�VWDQGV�IRU�WKH�HQWU\�RI�+HDGV�RI�&KXUFKHV�DQG�RIILFLDWLQJ�FOHUJ\�,1752,7� 7KH�&KRLU

*RG�EH�LQ�P\�KHDG�$QG�LQ�P\�XQGHUVWDQGLQJ�*RG�EH�LQ�PLQH�H\HV�$QG�LQ�P\�ORRNLQJ�*RG�EH�LQ�P\�PRXWK�$QG�LQ�P\�VSHDNLQJ�*RG�EH�LQ�P\�KHDUW�$QG�LQ�P\�WKLQNLQJ�*RG�EH�DW�PLQH�HQG�$QG�DW�P\�GHSDUWLQJ�7+(�%,'',1*�7KH�3UHFHQWRU�:H� ZHOFRPH� \RX� WR� WKLV� VHUYLFH� WRGD\� LQ� ZKLFK� ZH� DUH� EURXJKW� WRJHWKHU� E\PLVIRUWXQH�DQG�VDGQHVV���:H�UHPHPEHU�WKRVH��ZKRP�ZH�ORYH��WDNHQ�IURP�XV�LQWKH� KRUURUV� RI� ILUH�� � :H� FRPH� KHUH� WR� GHDO� ZLWK� RXU� IHHOLQJV� RI� ORYH�� VRUURZ�DQJHU��EHZLOGHUPHQW�� ORRNLQJ� IRU�*RG� LQ�RXU�TXHVWLRQLQJV�� �:H�JLYH� WKDQNV� IRUWKRVH� ZKR� FDUHG� IRU� ORYHG� RQHV� ZKR� DUH� JRQH�� IRU� WKRVH� ZKR� SUHYHQWHG� WKLVWUDJHG\� VSUHDGLQJ� IXUWKHU�� DQG� IRU� WKRVH� ZKR� VXSSRUW� XV� LQ� RXU� JULHI�� DQG� ZHUHPHPEHU�SDUWLFXODUO\�WKH�IDPLOLHV�RI�WKRVH�ZKR�KDYH�GLHG�

:H�FRPH�EHIRUH�*RG��FRQILGHQW�LQ�KLV�XQIDLOLQJ� ORYH� LQ�DOO�FRQGLWLRQV�RI�RXU� OLIH�DQG�SUD\�IRU�KLV�VWUHQJWK�DQG�VXSSRUW�LQ�WKH�ZRUGV�RXU�6DYLRXU�&KULVW�KDV�WDXJKWXV�7+(�/25'¶6�35$<(5�+<01� ³7KH�/RUG¶V�P\�6KHSKHUG´

Page 44: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

5($',1*� ³1R�0DQ�LV�DQ�,VODQG´�UHDG�E\�D�6WDII�0HPEHU�RI�.HZ�5HVLGHQWLDO�6HUYLFHV�7KH�FKXUFK� LV�FDWKROLF��XQLYHUVDO��DV�DUH�DOO�KHU�DFWLRQV��DOO� WKDW�VKH�GRHV�EHORQJV� WR�DOO�$QG�ZKHQ�VKH�EXULHV�D�PDQ��WKDW�DFWLRQ�FRQFHUQV�PH��DOO�PDQNLQG�LV�RI�RQH�DQRWKHU��DQG�LVRQH�YROXPH������ 1R�PDQ�LV�DQ�LVODQG��HQWLUH�RI�LWVHOI��HYHU\�PDQ�LV�D�SLHFH�RI�WKH�FRQWLQHQW�D�SDUW�RI�WKH�PDLQ���,I�D�FORG�EH�ZDVKHG�DZD\�E\�WKH�VHD��(XURSH�LV�WKH�OHVV��DV�ZHOO�DV�LI�DSURPRQWRU\�ZHUH��DV�ZHOO�DV� LI� D�PDQRU� RI� WK\� IULHQG¶V� RU� RI� WKLQH� RZQ�ZHUH�� DQ\�PDQ¶VGHDWK� GLPLQLVKHV� PH�� EHFDXVH� ,� DP� LQYROYHG� LQ� PDQNLQG�� DQG� WKHUHIRUH� QHYHU� VHQG� WRNQRZ�IRU�ZKRP�WKH�EHOO�WROOV��LW�WROOV�IRU�WKHH� -RKQ�'RQQH7+(�&+2,5� ³6HW�PH�WR�D�6HDO´6HW�PH�DV�D�VHDO�XSRQ�\RXU�KHDUW�WR�D�VHDO�XSRQ�\RXU�DUP�6HW�PH�DV�D�VHDO�XSRQ�\RXU�KHDUW�)RU�ORYH�LV�VWURQJ�DV�GHDWK�0DQ\�ZDWHUV�FDQQRW�TXHQFK�ORYH�1HLWKHU�FDQ�IORRGV�GURZQ�LW�

6HW�PH�DV�D�VHDO�XSRQ�\RXU�KHDUW�WR�D�VHDO�XSRQ�\RXU�DUP�6HW�PH�DV�D�VHDO�XSRQ�\RXU�KHDUW�)RU�ORYH�LV�VWURQJ�DV�GHDWK� :RUGV�IURP�6RQJ�RI�6RORPRQ������0XVLF�ZULWWHQ�E\�-RKQ� /HDYLWW�������7+(�),567�/(6621� 5RPDQV���������������5HDG�E\�WKH�3UHVLGHQW�RI�WKH�.HZ�&RWWDJHV�DQG�6W�1LFKRODV+RVSLWDO�3DUHQWV¶�$VVRFLDWLRQ+<01� ³0RUQLQJ�KDV�EURNHQ´7+(�6(&21'�/(6621� 0DWWKHZ���������5HDG�E\�WKH�*RYHUQRU�RI�9LFWRULD7+(�$17+(0� 6XQJ�E\�WKH�&KRLU��� 1R�VWDU�LV�R¶HU�WKH�ODNH� �� +HHG�QRW�KRZ�KRSH�EHOLHYHV,WV�SDOH�ZDWFK�NHHSLQJ� $QG�IDWH�GLVSRVHV�7KH�PRRQ�LV�KDOI�DZDNH� 6KDGRZ�LV�URXQG�WKH�OHDYHV�7KURXJK�JUH\�PLVW�FUHHSLQJ� 7KH�ORQJ�GD\�FORVHV��� 7KH�ODVW�UHG�OHDYHV�IDOO�URXQG �� 7KH�OLJKWHG�ZLQGRZV�GLP7KH�SRUFK�RI�URVHV� $UH�IDGLQJ�VORZO\�7KH�FORFN�KDWK�FHDVHG�WR�VRXQG� 7KH�KHDUWK�WKDW�ZDV�VR�WULP7KH�ORQJ�GD\�FORVHV� 1RZ�TXLYHUV�ORZO\��� 6LW�E\�WKH�VLOHQW�KHDUWK �� *R�WR�WKH�GUHDPOHVV�EHG,Q�FDOP�HQGHDYRXU� :KHUH�JULHI�UHSRVHV�7R�FRXQW�WKH�VRXQGV�RI�PLUWK� 7K\�ERRN�RI�WRLO�LV�UHDG�1RZ�VWLOOHG�IRU�HYHU� 7KH�ORQJ�GD\�FORVHV�

:RUGV��+HQU\�)� &KRUOH\������������0XVLF��$UWKXU�6XOOLYDQ������������

Page 45: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

,1�0(025,$0�$�UHSUHVHQWDWLYH�IRU�HDFK�YLFWLP�DQG�D�VWDII�UHSUHVHQWDWLYH�RIIHU�D�FDQGOH�LQ�UHPHPEUDQFH�RI�WKHQLQH�PHPEHUV�RI�.HZ�&RWWDJHV�ZKR�KDYH�GLHG���$�VWDII�PHPEHU�RIIHUV�D�EULHI�FRPPHPRUDWLRQRI�HDFK�� �7KH�WH[WV�ZHUH�SUHSDUHG�E\� WKH� UHVLGHQWV�DQG�VWDII� DQG� ZHUH�SULQWHG�RQ�WKH�RUGHU�RIVHUYLFH�7KLV�EHJLQV�,Q�WKHLU�RZQ�ZD\��RXU�JX\V�ZHUH�HDFK�ZRQGHUIXO�DQG�D MR\���2XU� OLYHV�DUH�PRUHHQULFKHG�IRU�KDYLQJ�NQRZQ�HDFK�RI�WKHP��IRU�ZKR�WKH\�ZHUH�����)ROORZLQJ�WKH�FRPPHPRUDWLRQV�7KHVH�ZHUH�QRW�PHQ�WKH�ZRUOG�IRUJRW�� 7KHVH�ZHUH�PHQ�ZH�VKDUHG�RXU�OLYHV�ZLWKHYHU\GD\���1RZ�WKDW�WKH\�DUH�JRQH�ZLWKRXW�WKH�FKDQFH�WR�VD\�JRRGE\H��D�SDUW�RIXV�LV�JRQH�ZLWK�WKHP�)ULHQGV��ZH�ORYH�\RX��ZH�PLVV�\RXDQG�IRUHYHU�ZH�ZLOO�UHPHPEHU�\RX�*RRGE\H�7+(�$''5(66� 7KH�'HDQ�RI�0HOERXUQH7+(�35$<(56�)RU�WKH�'HSDUWHG� $�)RUPHU�&KDSODLQ��.H\�5HVLGHQWLDO�&RWWDJHV$OPLJKW\�DQG�HWHUQDO�*RG��\RX�KDYH�JLYHQ�XV�OLIH�LQ�DOO�LWV�IXOOQHVV�WKDW�WKURXJK�LWZH�PD\�NQRZ�\RXU�ORYH�DQG�FRPSDVVLRQ���:H�UHPHPEHU�EHIRUH�\RX�WKRVH�ZKRKDYH�EHHQ�WDNHQ�IURP�XV�LQ�VR�XQWLPHO\�DQG�VR�WUDJLF�D�ZD\���:H�WKDQN�\RX�IRUWKHLU�ORYH��WKHLU�ZDUPWK��DQG�IRU�WKH�MR\�ZH�UHFHLYHG�WKURXJK�RXU�NQRZLQJ�WKHP�,Q�\RXU�PHUF\��PD\�WKH\�NQRZ�HWHUQDO�OLJKW�DQG�UHVW�LQ�\RXU�SUHVHQFH�7KURXJK�-HVXV�&KULVW�RXU�/RUG� $0(1�

)RU�WKRVH�ZKR�0RXUQ� $�)RUPHU�&KDSODLQ��.HZ�5HVLGHQWLDO�&RWWDJHV&RPSDVVLRQDWH�/RUG��\RX�VXIIHUHG�LQ�WKH�JLYLQJ�XS�RI�\RXU�GHDU�6RQ�WR�GHDWK�IRURXU�VDNHV�� �%OHVV� WKRVH� IDPLOLHV�ZKR�VXIIHU�QRZ� LQ� WKH� ORVV�RI� WKHLU�RZQ� ORYHGRQHV���6WUHQJWKHQ�WKHP�ZLWK�\RXU�ORYH��VXVWDLQ�XV�DOO�LQ�RXU�JULHI��DQG�HQDEOH�XVWR�IDFH�OLIH�DJDLQ�LQ�WKH�VXUH�NQRZOHGJH�WKDW�ZH�DUH�QHYHU�DORQH�EXW�VXUURXQGHGE\�\RXU�HYHUODVWLQJ�JRRGQHVV�7KURXJK�-HVXV�&KULVW�RXU�/RUG� $0(1�)RU�WKRVH�LQ�&DULQJ�5ROHV� $�PLQLVWHU�LQ�D�.HZ�SDULVK*UDFLRXV�*RG��\RXU�6RQ�-HVXV�&KULVW�EURXJKW�JRRG�QHZV�WR�WKH�SRRU��UHOHDVH�WRWKH�FDSWLYHV��UHFRYHU\�RI�VLJKW�WR�WKH�EOLQG��DQG�IUHHGRP�IRU�WKH�RSSUHVVHG���:HWKDQN� \RX� IRU� DOO� WKRVH� LQ� FDULQJ� SURIHVVLRQV�� HVSHFLDOO\� WKH� VWDII� DQGPDQDJHPHQW�RI�WKH�.HZ�&RWWDJHV���0D\�WKHLU�ZRUN�EH�WKH�IDFH�RI�\RXU�SUHVHQFHWR�DOO�WKRVH�LQ�WKHLU�FDUH�7KURXJK�-HVXV�&KULVW�RXU�/RUG� $0(1�

Page 46: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

)RU�WKRVH�LQ�(VVHQWLDO�6HUYLFHV��� $�5HJLRQDO�'LUHFWRU�RI�'HSW��RI�+XPDQ�6HUYLFHV/RUG�*RG��\RX�KDYH�HQGRZHG�XV�ZLWK�FUHDWLYH�SRZHU�DQG�YLEUDQW�LPDJLQDWLRQV�:H� WKDQN� \RX� IRU� WKRVH� ZKR� ZRUN� ZLWKLQ� WKH� HVVHQWLDO� VHUYLFHV� RI� RXUFRPPXQLW\�� HVSHFLDOO\� ILUH� ILJKWHUV� DQG� DPEXODQFH� VWDII�� GHYLVLQJ� ZD\V� WRRYHUFRPH�WKH�QDWXUDO�IRUFHV�IURP�ZKLFK�WKH\�SURWHFW�XV���:H�WKDQN�\RX�IRU�WKHLUTXLFN�PLQGV��WKHLU�NHHQ�VHQVH�RI�GXW\��DQG�WKHLU�FDUH�IRU�DOO�SHRSOH�7KURXJK�-HVXV�&KULVW�RXU�/RUG� $0(1�

3HRSOH� $OPLJKW\�*RG��\RX�KDYH�SURPLVHG�WR�KHDU�RXU�SUD\HUV�*UDQW�WKDW�ZKDW�ZH�KDYH�DVNHG�LQ�IDLWK�ZH�PD\�E\�\RXU�JUDFH�UHFHLYH�7KURXJK�-HVXV�&KULVW�RXU�/RUG� $0(1�+<01� ³$PD]LQJ�*UDFH´7+(�%/(66,1*� 7KH�$UFKELVKRS�RI�0HOERXUQH

Page 47: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

7KUHGER�6OLS�'LVDVWHU$W ������SP�RQ�7KXUVGD\� ��WK -XO\� ������ D� ODQGVOLGH� RFFXUUHG� DW� WKH� $OSLQH� YLOODJH� RI7KUHGER� LQ� WKH�6QRZ\�0RXQWDLQV�RI�1HZ�6RXWK�:DOHV�� �$V�ZRUNHUV�RI� WKH�6NLLQJ� UHVRUWVOHSW��WKH�VOLGH�GHPROLVKHG�WKH�FKDOHWV�LQ�ZKLFK�WKH\�OLYHG�)RU� GD\V� WKH� VLWH� ZDV� H[FDYDWHG� IRU� ERGLHV�� � 2Q� WKH� 6DWXUGD\�� DV� WHOHYLVLRQ� VWDWLRQVDURXQG� WKH� FRXQWU\� VXVSHQGHG� QRUPDO� WUDQVPLVVLRQ� WR� VKRZ� FRQWLQXRXV� FRYHUDJH�� RQHVXUYLYRU�ZDV�SOXFNHG�IURP�WKH�UXLQV��ZLWKRXW�FULWLFDO�LQMXULHV�7KH�GHDWK�WROO�ZDV����SHRSOH�ZKR�ZHUH�ZHOO�NQRZQ�WR�WKH�FORVH�NQLW�FRPPXQLW\��ZKLFK�ZDVGHHSO\�DIIHFWHG�E\�WKH�GLVDVWHU�$%287�7+(�6(59,&(6�7+$7�:(5(�+(/'3DVWRU�*UDKDPH�$EUDKDPV�RI�WKH�$OSLQH�SDULVK�RI�WKH�8QLWLQJ�&KXUFK�LQ�$XVWUDOLD�ZULWHV�³'XULQJ� WKH� GLVDVWHU� WKHUH� ZHUH� IRXU� VHUYLFHV� DW� 7KUHGER�� RQH� DW� 3HULVKHU� DQG� RQH� DW-LQGDE\QH���7KH\�ZHUH�SUHSDUHG�� ���� �HFXPHQLFDOO\���&DWKROLF��$QJOLFDQ��8QLWLQJ��VR� WKHUHZHUH�HOHPHQWV�RI�HDFK�ZLWKLQ�WKH�VHUYLFHV�)RU�WKH�ILUVW�WZR�VHUYLFHV�WKHUH�DUH�QR�RUGHUV�RI�VHUYLFH���7KLV�LV�WKH�VHUYLFH�RQ�WKH�)ULGD\DQG�6DWXUGD\�DIWHU� WKH� VOLS�� �:H�PDGH� WKHVH� XS� DV� ZH� ZHQW� �OLWHUDOO\�� ���� � 7KH�0RQGD\ZKLFK�ZDV�WKH�1DWLRQDO�6HUYLFH�DW�7KUHGER�ZDV�DWWHQGHG�E\�WKH�*RYHUQRU�*HQHUDO�DQG�WKHSROLWLFLDQV� HWF�� � 7KLV� ZDV� WKH� ILUVW� RUGHU� RI� VHUYLFH� SULQWHG� DQG� ZDV� RUJDQLVHG� E\� WKH&DWKROLF�SULHVW�7KH�0HPRULDO�VHUYLFH�ZDV� WKH�IROORZLQJ�)ULGD\�� � ,�SULQWHG�XS� WKH�RUGHU�RI� VHUYLFH���� � 7KHRUGHU�RI�VHUYLFH�IRU�WKH�GHGLFDWLRQ�RI�WKH�PHPRULDO�VWRQH�ZDV�SXW�WRJHWKHU�E\�PH����WK -XO\�����������´�:KHUH�VRPH�RI�WKH�PDWHULDOV�IRU�WKHVH�VHUYLFHV�FDPH�IURP�KDV�QRW�EHHQ�UHFRUGHG�DQG�UHPDLQV�XQNQRZQ��

Page 48: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

³)RU�WKH�$QQLYHUVDU\�ZHHNHQG�ZH�IRXQG�WKH�FRPSDQ\��LH�� WKH� ORFDO�JRYHUQPHQW��GHFLGHGZKDW�VHUYLFHV�WKH\�ZDQWHG���7KH\�ZDQWHG�WR�WHOO�WKH�SHRSOH�KRZ�DQG�ZKHQ�WR�JULHYH��ZKLFKFDXVHG�D�ORW�RI�SDLQ���7KH�YLOODJH�SHRSOH�DVNHG�XV�IRU�D�WKLUG�VHUYLFH�WKDW�WKH�PHGLD�GLGQ¶WNQRZ�DERXW��ZKHQ�WKH\�FRXOG�GHGLFDWH�WKHLU�PHPRULDO���:RUG�RI�PRXWK�GUHZ�WRJHWKHU�DERXW����SHRSOH� �WKH�SHUPDQHQW�SRSXODWLRQ�RI� WKH�YLOODJH�ZDV������� � ,W� ZDV� GRQH� VR�ZHOO� WKHPHGLD�GLGQ¶W�NQRZ�7KLV�WRRN�SODFH�RQ���WK�DQG���VW -XO\��������2YHU�WKDW�SHULRG�ZH�KDG���WK -XO\����������SP9LOODJH�6HUYLFH�DQG�GHGLFDWLRQ�RI�WKH�PHPRULDO�������SP$�FDQGOH�OLJKW�YLJLO���7KLV�ZDV�NHSW� ORZ�NH\�� �7KHUH�ZHUH�QR� IRUPDOLWLHV�DW�DOO�� �:HKDG�FDQGOHV�DYDLODEOH�IRU�SHRSOH���������EXW�PDQ\�EURXJKW� WKHLU�RZQ�� �7KH\�FDPHDQG� WKH\�ZHQW�DV� WKH\�QHHGHG� WR�DQG� ORRNHG�GRZQ�RQ� WKH�VLWH� DQG� UHPHPEHUHG�0DQ\� FOLPEHG� GRZQ� RQ� WKH� VLWH� DQG� VDW�� � 7KLV� ZDV� WKH� ILUVW� WLPH� WKH\� KDG� EHHQDOORZHG�RQ� WKH� VLWH� VR� LW� ZDV� LPSRUWDQW� IRU� WKHP�� � 2QH� JURXS� VWRRG� RQ� D� QHDUE\EDOFRQ\�DQG�VDQJ� µ$PD]LQJ�*UDFH¶�� �7KH\�GLGQ¶W� NQRZ� WKH�ZRUGV�EXW� WKH\�VDQJ� LWDQ\ZD\�

:H�IRXQG�LW�ZDV�LPSRUWDQW�WR�EH�WKHUH�EXW�QRW�WR�LQWHUIHUH���VW -XO\����������DP7KH� WLPH�PRVW� KDG�KHDUG� ZKDW� KDG� KDSSHQHG�� � 7KLV� VHUYLFH� ZDV� IRU� YLOODJH� DQGIDPLOLHV���,W�ZDV�DGYHUWLVHG�EXW�WKH�PHGLD�ZHUH�DVNHG�WR�NHHS�WKHLU�GLVWDQFH�DQG�WKDWWKH\�FRXOG�FRQGXFW�LQWHUYLHZV�DIWHUZDUGV�ZLWK�WKH�PLQLVWHUV���7KH\�UHVSHFWHG�WKLV��WRWKHLU�FUHGLW������SP2IILFLDO�0HPRULDO�6HUYLFH�ZLWK�DOO�WKH�GLJQLWDULHV�2QH�FDPHUD�ZDV�DOORZHG� LQ� WKH�FKXUFK�EXW�DOO� VWDWLRQV�FRXOG� UHFHLYH� WKH�SLFWXUHVHTXDOO\�� �:H�H[FOXGHG� FKXUFK� GLJQLWDULHV� �ELVKRSV� HWF��� ���� 7KH� RQO\� RIILFLDO� JXHVWZDV�WKH�*RYHUQRU��*HQHUDO���3ROLWLFLDQV�ZKR�FDPH�GLG�VR�DV�PHPEHUV�RI�WKH�SXEOLFDQG� VDW� LQ� WKH� FRQJUHJDWLRQ�� � �1R� VHDWV� ZHUH� VHW� DVLGH� IRU� WKHP�� � 7KLV� WRRN� WKHSROLWLFDO�JUDQGVWDQGLQJ�RXW�RI�WKH�HYHQW��´

Page 49: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

3UD\HU�6HUYLFHIRU�WKH(FXPHQLFDO�*DWKHULQJ 7KUHGER�&KDSHO�±��WK $XJXVW�����23(1,1*�+<01� µ&LW\�RI�*RG¶���'DQ�6FKXWWH�� $ZDNH�IURP�\RXU�VOXPEHU�$ULVH�IURP�\RXU�VOHHS�$�QHZ�GD\�LV�GDZQLQJ�IRU�DOO�WKRVH�ZKR�ZHHS�7KH�SHRSOH�LQ�GDUNQHVV�KDYH�VHHQ�D�JUHDW�OLJKW�7KH�/RUG�RI�RXU�ORQJLQJ�KDV�FRQTXHUHG�WKH�QLJKW�5HIUDLQ� /HW�XV�EXLOG�WKH�FLW\�RI�*RG�0D\�RXU�WHDUV�EH�WXUQHG�LQWR�GDQFLQJ)RU�WKH�/RUG�RI�RXU�/LJKW�DQG�RXU�/RYH�+DV�WXUQHG�WKH�QLJKW�LQWR�GD\��� :H�DUH�VRQV�RI�WKH�PRUQLQJ:H�DUH�GDXJKWHUV�RI�WKH�GD\�7KH�2QH�ZKR�KDV�ORYHG�XVKDV�EULJKWHQHG�RXU�ZD\�7KH�/RUG�RI�DOO�NLQGQHVVKDV�FDOOHG�XV�WR�EHD�OLJKW�IRU�KLV�SHRSOHWR�VHW�WKHLU�KHDUWV�IUHH�:(/&20(�,1752'8&7,21�+<01����µ+RZ�FDQ�,�NHHS�IURP�6LQJLQJ¶WUDG��(G�*XWIUHXQG�DUUDQJHPHQW�� 0\�OLIH�JRHV�RQ�LQ�HQGOHVV�VRQJDERYH�HDUWK¶V�ODPHQWDWLRQV�,�KHDU�WKH�UHDO�WKRXJK�IDU�RII�K\PQWKDW�KDLOV�D�QHZ�FUHDWLRQ�5HIUDLQ� 1R�VWRUP�FDQ�VKDNH�P\�LQPRVW�FDOPZKLOH�WR�WKDW�URFN�,¶P�FOLQJLQJ�6LQFH�ORYH�LV�/RUG�RI�KHDYHQ�DQG�HDUWK�KRZ�FDQ�,�NHHS�IURP�VLQJLQJ��� 7KURXJK�DOO�WKH�WXPXOW�DQG�WKH�VWULIH,�KHDU�WKH�PXVLF�ULQJLQJ�LW�VRXQGV�DQG�HFKRHV�LQ�P\�VRXO�KRZ�FDQ�,�NHHS�IURP�VLQJLQJ�

Page 50: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

�� :KDW�WKRXJK�WKH�WHPSHVW�URXQG�PH�URDU�,�KHDU�WKH�WUXWK�LW�OLYHWK�:KDW�WKRXJK�WKH�GDUNQHVV�URXQG�PH�FORVH�VRQJV�LQ�WKH�GDUN�LW�JLYHWK�$QG�QRZ�OHW�XV�ZHOFRPH�DPRQJ�XV�IULHQGV�XQVHHQ�OLYLQJ�DQG�GHDG�UHODWLYHV�DQG�IULHQGV��ZRUNPDWHV�SHRSOH�ZKR�KDYH�EHFRPH�WKH�SUD\HUIXO�FRQFHUQ�RI�RXU�QDWLRQ�6RPH��QR�ORQJHU�OLPLWHG�E\�WKH�IUDJLOH�IRUP�RI�KXPDQNLQG�7KH\�ZLOO�IRUHYHU�EH�ZKHUH�ZH�DUH��FDUULHG�LQ�RXU�PLQGV�DQG�KHDUWV$V�UHYHUHQWO\�ZH�VSHDN�WKHLU�QDPHVPD\�WKH�EUHDWK�ZH�EUHDWKHUHPLQG�XV�WKDW�WKH\�DQG�ZH�ZLOO�DOO�OLYH�HWHUQDOO\�23(1,1*�35$<(5�*RG�RI�WKH�OLYLQJ�DQG�WKH�GHDG�WKURXJKRXW�WLPH�PRXQWDLQV�KDYH�GUDZQ�\RXU�SHRSOHWR�ZRQGHU��UHIOHFW��WR�EH�UHIUHVKHG�DQG�WR�FHOHEUDWH�OLIH�,Q�RXU�GD\V�WKH�GHHS�ZRXQG�RQ�WKH�PRXQWDLQVLGHKHUH�LQ�RXU�YLOODJH�KDV�GUDZQ�XV�WRJHWKHU�+HDUWV�KDYH�EHHQ�EURNHQ�EXW�WKH�JUHDW�P\VWHU\�RI�ORYH��FRPSDVVLRQ�DQG�WKH�FDSDFLW\�IRU�WLUHOHVV�VHOI�JLYLQJ�KDV�EHHQ�UHYHDOHG�(QIROG�XV�LQ�\RXU�ORYH�WRGD\�(QDEOH�XV�WR�OLVWHQ�GHHSO\�WR�\RX�DQG�WR�RQH�DQRWKHU�,Q�WKH�GD\V�DKHDG�JLYH�XV�ZLVGRP�DQG�XQGHUVWDQGLQJEHFDXVH�WKH�VFDUV�RI�WKH�PRXQWDLQ�ZH�ZLOO�FDUU\�DOZD\V�0D\�WKHVH�VFDUV�KHOS�XV�UHPHPEHU�WKDW�WUXH�ORYH�DQG�OLIH�QHYHU�HQG�:H�DVN�WKLV�WKURXJK�\RXU�6RQ�DQG�RXU�EURWKHU�-HVXV�ZKR�RQFH�ZDONHG�ZLWK�IULHQGV�SRQGHULQJ�OLIH�DQG�GHDWKDV�WKH\�MRXUQH\HG�WRJHWKHU�WR�D�YLOODJH�QDPHG�(PPDXV�$0(1�5($',1*6�)LUVW�5HDGLQJ :LVGRP��������� �5HDG�E\�WKH�*RYHUQRU�*HQHUDO�RI�$XVWUDOLD�5HVSRQVRULDO�3VDOP 3VDOPV����������������������������������*RYHUQRU�RI�16:�5HVSRQVH�E\�$OO����,�ZLOO�ZDON�LQ�WKH�SUHVHQFH�RI�WKH�/RUG�LQ�WKH�ODQG�RI�WKH�OLYLQJ�6HFRQG�5HDGLQJ 7KHVVDORQLDQV������������-RKQ�����������UHS��RI�.RVFLXVNR�3W\�/WG��7KLUG�5HDGLQJ /XNH���������������������$QJOLFDQ�%LVKRS�RI�&DQEHUUD�DQG�*RXOEXUQ�

Page 51: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

+20,/<� �&DWKROLF�$X[LOLDU\�%LVKRS�RI�&DQEHUUD�DQG�*RXOEXUQ�,17(5&(66,216� �$QJOLFDQ�5HFWRU�RI�%HUULGDOH�+<01����³$Q�,ULVK�%OHVVLQJ´

0D\�WKH�URDG�ULVH�WR�PHHW�\RX��DQG�WKH�ZLQG�EH�DW�\RXU�EDFN�DQG�WKH�/RUG�XSKROG�\RX�DOZD\V�LQ�WKH�KROORZ�RI�KLV�KDQG�LQ�WKH�KROORZ�RI�KLV�KDQG�)DLWK�EH�\RXUV��+RSH�EH�\RXUV��/RYH�EH�\RXUV�3HDFH�EH�\RXUV��-R\�EH�\RXUV��6WUHQJWK�EH�\RXUV�0D\�*RG�EOHVV�\RX��PD\�KH�NHHS�\RX�IRUHYHU�LQ�KLV�KDQG�

),1$/�35$<(5���3DVWRU��8QLWLQJ�&KXUFK�LQ�$XVWUDOLD��-LQGDE\QH�%/(66,1*���$QJOLFDQ�%LVKRS�RI�&DQEHUUD�DQG�*RXOEXUQ),1$/�+<01� ³+RZ�*UHDW�7KRX�$UW´ 6WXDUW�+LQH�� 2�/RUG�P\�*RG��:KHQ�,�LQ�DZHVRPH�ZRQGHUFRQVLGHU�DOO�WKH�ZRUOGV�WK\�KDQGV�KDYH�PDGH�,�VHH�WKH�VWDUV��,�KHDU�WKH�UROOLQJ�WKXQGHU�7K\�SRZHU�WKURXJKRXW�WKH�XQLYHUVH�GLVSOD\HG�5HIUDLQ�7KHQ�VLQJV�P\�VRXO��P\�6DYLRXU�*RG�WR�WKHH�+RZ�JUHDW�WKRX�DUW��KRZ�JUHDW�WKRX�DUW�7KHQ�VLQJV�P\�VRXO��P\�6DYLRXU�*RG�WR�WKHH�+RZ�JUHDW�WKRX�DUW��KRZ�JUHDW�WKRX�DUW��� :KHQ�WKURXJK�WKH�ZRRGV�DQG�IRUHVW�JODGHV�,�ZDQGHUDQG�KHDU�WKH�ELUGV�VLQJ�VZHHWO\�LQ�WKH�WUHHV�:KHQ�,�ORRN�GRZQ�IURP�ORIW\�PRXQWDLQ�JUDQGHXUDQG�KHDU�WKH�EURRN�DQG�IHHO�WKH�JHQWOH�EUHH]H�

5HIUDLQ��� :KHQ�&KULVW�VKDOO�FRPH�ZLWK�VKRXW�RI�DFFODPDWLRQDQG�WDNH�PH�KRPH��ZKDW�MR\�VKDOO�ILOO�P\�KHDUW�7KHQ�,�VKDOO�ERZ�LQ�KXPEOH�DGRUDWLRQDQG�WKHUH�SURFODLP��P\�*RG��KRZ�JUHDW�WKRX�DUW�5HIUDLQ�

7KH�FOHUJ\�ZKR�RUJDQLVHG�WKLV�VHUYLFH�IRXQG�LW�FULWLFDO�QRW�WR�FDOO�LW�D�0HPRULDO�6HUYLFH�EHFDXVH�QRW�DOOWKH� ERGLHV� KDG� EHHQ� IRXQG� DW� WKLV� VWDJH�� � ,W� ZDV� D� 3UD\HU� 6HUYLFH�� �� WKH� RIILFLDO� VHUYLFH� ZKLFKGLJQLWDULHV�DWWHQGHG���:KHQ�LW�ZDV�QRW�JLYHQ�D�QDPH�WKH�0HGLD�FDOOHG�LW�D�0HPRULDO�6HUYLFH�

Page 52: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

0HPRULDO�6HUYLFHIRU�WKRVH�ZKR�ORVW�WKHLU�OLYHVDW�7KUHGER�RQ���WK -XO\�WK $XJXVW������

+<01���³7KH�/RUG¶V�0\�6KHSKHUG´5()/(&7,21�,7(0� ³,�KDYH�FDUULHG�\RX�RQ�(DJOH¶V�:LQJV´5HIUDLQ�,�KDYH�FDUULHG�\RX�RQ�HDJOHV�ZLQJV�,�ZLOO�FDUH�IRU�\RX�LQ�DOO�\RXU�\HDUV��� 0\�KHDUW�LV�IXOO�RI�SHDFH�\RX�KDYH�EHHQ�ZLWKLQ�P\�OLIH�<RXU�JXLGLQJ�KDQG�KDV�DOZD\V�FRYHUHG�PH�,�DP�IXOO�RI�FRQILGHQFH�LQ�<RX��� 0\�VRXO�LV�OLNH�D�FKLOG�FUDGOHG�VDIH�ZLWKLQ�\RXU�DUPV�<RX�KDYH�FDUULHG�PH�DFURVV�P\�\HDUV�/HDGLQJ�PH�WKUX¶�VRUURZ�DQG�WKUX¶�MR\��� 1HYHU�QHHG�,�EH�DIUDLG�1R�PDWWHU�KRZ�XQFHUWDLQ�WKLQJV�PD\�EH�6RPHWLPHV�WKUX¶�PH��VRPHWLPHV�LQ�VSLWH�RI�PH<RX�VHHP�WR�ILQG�<RXU�SXUSRVH�LQ�P\�OLIH��� ,�NQRZ�IDLOXUH�LQ�P\�OLIH�WKH�ZHDNQHVV�VR�FHQWUDO�WR�P\�KHDUW�:KHQ�,�KDYH�VWUD\HG�RU�IDOOHQ�LQ�P\�OLIH�<RX�JHQWO\�VHW�PH�RQ�P\�IHHW�DJDLQ��� <RX�KDYH�EULGJHG�WKH�IORZLQJ�VWUHDPV�$QG�PRYHG�DVLGH�WKH�PRXQWDLQV�WDOO�<RX�KDYH�NHSW�PH�WKURXJK�WKH�VWRUP\�SDVW�,�NQRZ�WKDW�<RX�VHFXUH�DQG�JXLGH�PH�VWLOO�),567�5($',1*�� ,VDLDK��������5(6321625,$/�36$/0�3VDOP�������/HG�E\�D�UHODWLYH�RI�WKH�VXUYLYRU�DQG�D YLFWLP�/� 2XW�RI�WKH�GHSWKV�,�FU\�WR�\RX��2�/RUG�/RUG��KHDU�P\�YRLFH�2�OHW�\RXU�HDUV�EH�DWWHQWLYHWR�WKH�YRLFH�RI�P\�SOHDGLQJ�3� 2XW�RI�WKH�GHSWKV��,�FU\�WR�\RX��/RUG�

Page 53: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

/� ,I�\RX��2�/RUG��VKRXOG�PDUN�RXU�JXLOW�/RUG��ZKR�ZRXOG�VXUYLYH"%XW�ZLWK�\RX�LV�IRXQG�IRUJLYHQHVV�IRU�WKLV�ZH�UHYHUH�\RX�3� ,�KRSH�LQ�WKH�/RUG��,�WUXVW�LQ�+LV�ZRUG�/� 0\�VRXO�LV�ZDLWLQJ�IRU�WKH�/RUG�,�FRXQW�RQ�KLV�ZRUG�0\�VRXO�LV�ORQJLQJ�IRU�WKH�/RUGPRUH�WKDQ�ZDWFKPDQ�IRU�GD\EUHDN�3� ,�KRSH�LQ�WKH�/RUG��,�WUXVW�LQ�+LV�ZRUG�/� %HFDXVH�ZLWK�WKH�/RUG�WKHUH�LV�PHUF\DQG�IXOOQHVV�RI�UHGHPSWLRQ�,VUDHO�LQGHHG�KH�ZLOO�UHGHHPIURP�DOO�LWV�LQLTXLW\�3� ,�KRSH�LQ�WKH�/RUG��,�WUXVW�LQ�+LV�ZRUG�6(&21'�5($',1*� 5RPDQV��������*263(/�$&&/$0$7,21�3� $OOHOXLD��DOOHOXLD�7KLV�LV�WKH�ZLOO�RI�P\�)DWKHU��VD\V�WKH�/RUG��WKDW�DOO�ZKR�EHOLHYHLQ�WKH�6RQ�ZLOO�KDYH�HWHUQDO�OLIH�DQG�,�ZLOO�UDLVH�WKHP�DJDLQRQ�WKH�ODVW�GD\���$OOHOXLD�*263(/�5($',1*� -RKQ��������0(66$*(�,17(5&(66,216�0(',7$7,21�/25'¶6�35$<(5�&/26,1*�35$<(5�),1$/�+<01� ³$PD]LQJ�*UDFH´

Page 54: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

'HGLFDWLRQ�RI�WKH�0HPRULDOIRU�WKRVH�ZKR�ORVW�WKHLU�OLYHVDW�7KUHGER�RQ���WK -XO\�������WK -XO\�����

23(1,1*�35$<(5�/RUG�RI�RXU�OLYHV�DV�ZH�FRPH�WRJHWKHU�ZLWK�D�VHQVH�RI�FRPPRQ� ORVV��GUDZ�XV�FORVHU� WR�HDFKRWKHU�LQ�IDLWK�DQG�ORYH��WKDW�RXU�IHDUV�PD\�EH�GLVSHOOHG��RXU�ORQHOLQHVV�HDVHGDQG� RXU� KXUW� KHDOHG�� � +HOS� XV�� 2� *RG�� WR� HPHUJH� IURP� WKLV� GD\�� ORRNLQJDKHDG�ZLWK�FRXUDJH�DQG�KRSH� DQG�ZDONLQJ�E\� IDLWK� LQ� WKH� OLJKW�RI� \RXU� ORYHWKURXJK�&KULVW��2XU�5LVHQ�/RUG� $0(1�

5(63216,9(�36$/0�� 3VDOP���������/� *LYH�WKDQNV�WR�WKH�/RUG��IRU�KH�LV�JRRG�*LYH�WKDQNV�WR�WKH�*RG�RI�JRGV�3� +LV�ORYH�HQGXUHV�IRUHYHU�/� *LYH�WKDQNV�WR�WKH�/RUG�RI�ORUGV�WR�KLP�ZKR�DORQH�GRHV�JUHDW�ZRQGHUV�ZKR�E\�KLV�XQGHUVWDQGLQJ�PDGH�WKH�KHDYHQV�ZKR�VSUHDG�RXW�WKH�HDUWK�XSRQ�WKH�ZDWHUV�ZKR�PDGH�WKH�JUHDW�OLJKWV��WKH�VXQ�WR�JRYHUQ�WKH�GD\�WKH�PRRQ�DQG�VWDUV�WR�JRYHUQ�WKH�QLJKW�3� +LV�ORYH�HQGXUHV�IRUHYHU�+LV�ORYH�HQGXUHV�IRUHYHU�+<01�6RPH� GD\V� ZH� KDYH� ZDONHG� WKURXJK� WKH� GD\� RQ� RXU� RZQ� EXW� PDQ\� WLPHV� MXVW� WR� JHWWKURXJK�WKH�GD\�KDV�EHHQ�DQ�HIIRUW���2Q�WKRVH�GD\V�*RG�KDV�FDUULHG�XV�RQ�WKH�ZLQJV�RI�+LV6SLULW�

³,�KDYH�FDUULHG�\RX�RQ�(DJOH�:LQJV´�6HH�ZRUGV�LQ�SUHYLRXV��OLWXUJ\��5($',1*6�� 3VDOP����(FFOHVLDVWHV�����������0(66$*(�62/2,67�

Page 55: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

7,0(�2)�6+$5,1*�7KH�MRXUQH\�RI�WKH�ODVW����PRQWKV��WKH�MR\V�DQG�WKH�VWUXJJOHV��3DUWLFXODUO\�LQ�WKH�EXLOGLQJ�RI�WKH�KDOO�DQG�WKH�HUHFWLRQ�RI�WKH�PHPRULDO��35$<(5�

/RUG��ZH�WKDQN�\RX�IRU�WKH�JLIW�RI�RXU�IULHQGVDQG�WKH�JLIW�RI�IULHQGVKLS�RI�RXU�GHSDUWHG�IULHQGV�/RUG�DV�ZH�PRYH�IURP�KHUH�ZH�JR�WR�KRQRXU�WKHLU�QDPHV�*LYH�XV�VWUHQJWK� WKDW�ZH�PD\� OLYH� RXW� RXU� OLYHV� EHWWHU� SHRSOH� IRU� KDYLQJ�EHHQKHUH�LQ�7KUHGER�ERWK�ODVW�\HDU�DQG�QRZ�DW�WKLV�PRPHQW�2XU�PHPRULHV�KDYH�EHFRPH�D�WUHDVXUH�WR�XV��EXW�ZH�SUD\�<RX�ZLOO�KHOS�XV�WR�JRIRUZDUG� IURP� WKLV� WKDW� ZH�PD\� EXLOG� D� EHWWHU� IXWXUH� IRU� RXUVHOYHV� DQG� DOO� ZKRZRXOG�FRPH�WR�WKLV�YLOODJH�)DWKHU�ZH�JLYH�\RX�SUDLVH�DQG�WKDQNV�LQ�-HVXV¶�QDPH�$0(1�

%/(66,1*�7KH�SHDFH�RI�*RG��ZKLFK�SDVVHV�DOO�XQGHUVWDQGLQJNHHS�\RXU�KHDUWV�DQG�PLQGV�LQ�WKH�NQRZOHGJH�DQG�ORYH�RI�*RGDQG�RI�KLV�VRQ�-HVXV�&KULVW�RXU�/RUG�7KH�EOHVVLQJ�RI�*RG�$OPLJKW\�WKH�)DWKHU��WKH�6RQ�DQG�WKH�+RO\�6SLULWEH�XSRQ�\RX�DQG�UHPDLQ�ZLWK�\RX�DOZD\V�$0(1��7KH�SHRSOH�PRYH�WR�WKH�KDOO�IRU�WKH�GHGLFDWLRQ��

'(',&$7,21�35$<(5�2�*RG��WRGD\�EULQJV�XV�VDG PHPRULHV�6RPHWLPHV�ZH�FDQ�IRUJHW���\HW�GHHS�GRZQ�WKH�SDLQ�UHPDLQV�IRU�\RX�KDYH�JLYHQ�XV�WHQGHU�KHDUWV�(YHQ�D�JOLPSVH�RI�D�SODFH�RU�D�SKRWRJUDSK�WKH�VRXQG�RI�D�WXQH�RU�D�ZRUG�DQG�HVSHFLDOO\�D�GD\�OLNH�WKLVFDQ�PDNH�XV�IHHO�DJDLQ�WKH�HPSWLQHVVZKLFK�QRWKLQJ�RQ�HDUWK�FDQ�ILOO�:H�FRPH�WR�SD\�RXU�UHVSHFWV�DQG�WR�GHGLFDWH�WKLV�VWRQHLQ�PHPRU\�RI�WKRVH�ZKR�GLHG�RQH�\HDU�DJR�7KH\�ZHUH�RXU�IULHQGV��ZH�VKDUHG�WKH�ORYH�RI�WKHVH�PRXQWDLQV�WRJHWKHU�:H�VKDUHG�WKH�IUXVWUDWLRQ�RI�OLYLQJ�DQG�ZRUNLQJ�LQ�DQ�DUHD�VXFK�DV�WKLV�:H�VKDUHG�MR\�DQG�VRUURZ��DQG�QRZ�RXU�IULHQGV�DUH�JRQH�:H�SUD\�WKDW�WKH\�PD\�NQRZ�WKH�MR\�RI�<RXU�ORYH�HDFK�GD\�

Page 56: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

0D\�ZH�QRW�EH�RYHUFRPH�E\�RXU�VRUURZ�DV�WKRVH�ZKR�KDYH�QR�KRSH�+HOS�XV�WR�IDFH�OLIH�ZLWK�VWHDGIDVW�IDLWK�UHPHPEHULQJ�WKDW�WKRVH�ZKR�SXW�WKHLU�WUXVW�LQ�<RX�ZLOO�NQRZ�WKH�MR\�RI�HWHUQLW\�/RUG�HDFK�GD\�ZH�JHW�D�WZLQJH�RI�SDLQ�DV�ZH�ORRN�DW�WKH�KLOO�EXW�/RUG�DV�WKH�PHPRU\�RI�WKRVH�ZH�FDUHG�IRULV�HQVKULQHG�LQ�WKLV�PHPRULDO�ZH�DUH�GHGLFDWLQJ�LQ�WKHLU�KRQRXU�OHW RXU�SDLQ�WXUQ�WR�MR\�NQRZLQJ�WKH\�ZLOO�QHYHU�EH�IRUJRWWHQ�/HW�WKLV�EH�D�WXUQLQJ�SRLQW�LQ�HDFK�RI�RXU�OLYHV�+HOS�XV�WR�KRQRXU�WKHLU�PHPRULHV�E\�WKH�ZD\�ZH�OLYH�DQG�FDUH�IRU�RWKHUV�WKURXJK�-HVXV�&KULVW�RXU�/RUG� $0(1�&/26,1*�

:H�KDYH�GHGLFDWHG�WKLV�VWRQH�WR� WKH�PHPRU\�RI� WKRVH�ZH� ORYHG�DQG�FDUHG� IRU�DQG�RQH�PRUH�WLPH�ZH�UHPHPEHU�WKHP�E\�QDPH��7KH�QDPHV�RI�HDFK�RI�WKH�YLFWLPV�RI�WKH�6OLS�LV�UHDG��ZLWK�WKH�SDUWLFLSDWLQJ�FOHUJ\�WDNLQJ�WXUQV�WRUHDG�RQH�QDPH���$IWHU�HDFK�QDPH�LV�UHDG�WKH�&KDSHO�EHOO�LV�UXQJ�RQFH��

Page 57: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

$�0HPRULDO�6HUYLFH5HFRJQLVLQJ�WKH�$QQLYHUVDU\2I�WKH7KUHGER�'LVDVWHU��VW -XO\�����

352&(66,21�2)�&/(5*<�:(/&20(�23(1,1*�35$<(5�+<01� ³6WURQJ�DQG�&RQVWDQW�� ,�ZLOO�EH�<DKZHK�ZKR�ZDONV�ZLWK�\RX�<RX�ZLOO�EH�DOZD\V�ZLWKLQ�P\�KDQG�7DNH�\RXU�KHDUW�DQG�JLYH�LW�DOO�WR�0H�

5HIUDLQ�6WURQJ�DQG�FRQVWDQW�LV�0\�ORYH�6WURQJ�DQG�FRQVWDQW�LV�0\�ORYH��� 6KRXOG�\RX�ZDQGHU�IDU�DZD\�IURP�0H�,�ZLOO�VHDUFK�IRU�\RX�LQ�HYHU\�ODQG�6KRXOG�\RX�FDOO��WKHQ�\RX�ZLOO�WUXO\�NQRZ�5HIUDLQ��� :KHQ�\RX�NQRZ�VRUURZ�ZLWKLQ�\RXU�OLIH�,�ZLOO�FRPH���,�ZLOO�HPEUDFH�\RXU�KHDUW�7KURXJK�\RXU�SDLQ�\RX�ZLOO�GLVFRYHU�0H�5HIUDLQ�35$<(56�5($',1* ,VDLDK���������������������� �*RYHUQRU�*HQHUDO�RI�$XVWUDOLD�36$/0����� ³7KH�/RUG�2XU�3URWHFWRU´

,�ZLOO�ORRN�WR�WKH�PRXQWDLQV�ZKHUH�ZLOO�P\�KHOS�FRPH�IURP"0\�KHOS�ZLOO�FRPH�IRUP�WKH�/RUG�ZKR�PDGH�KHDYHQ�DQG�HDUWK�+H�ZLOO�QRW�OHW�\RX�IDOO�\RXU�SURWHFWRU�LV�DOZD\V�DZDNH�7KH�SURWHFWRU�RI�,VUDHOQHYHU�GR]HV�RU�VOHHSV�7KH�/RUG�ZLOO�JXDUG�\RX�KH�LV�E\�\RXU�VLGH�WR�SURWHFW�\RX�7KH�VXQ�ZLOO�QRW�KXUW�\RX�GXULQJ�WKH�GD\�QRU�WKH�PRRQ�GXULQJ�WKH�QLJKW�

Page 58: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

7KH�/RUG�ZLOO�SURWHFW�\RX�IURP�DOO�GDQJHU�KH�ZLOO�NHHS�\RX�VDIH�+H�ZLOO�SURWHFW�\RX�DV�\RX�FRPH�DQG�JRQRZ�DQG�IRUHYHU�5($',1*�� (FFOHVLDVWHV�����������+<01� ³,�KDYH�FDUULHG�\RX�RQ�(DJOH�:LQJV´����6HH�DERYH�7+(�*263(/� -RKQ�������6(5021�35$<(5�)25�7+(�)8785(�7+(�/25'¶6�35$<(5�7+(�%/(66,1*�62/2�+<01� ³+RZ�*UHDW�7KRX�$UW´352&(66,21����/HG�E\�WKH�&OHUJ\��WKH�*RYHUQRU�*HQHUDO�DQG�KLV�ZLIH�

Page 59: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

%XVKILUHV2Q� $VK� :HGQHVGD\�� :HGQHVGD\� ��WK )HEUXDU\� ������ VRPH� RI� WKH� PRVWGHYDVWDWLQJ�ILUHV�LQ�UHFHQW�GHFDGHV�RFFXUUHG���,Q�9LFWRULD�� LQ�WKH�'DQGHQRQJ�DUHD��DURXQG0RXQW�0DFHGRQ�DQG�ZHVW�RI� WKH�*UHDW�2FHDQ�5RDG��DQG� LQ� WKH�$GHODLGH�+LOOV�DQG�RWKHUSDUWV�RI�6RXWK�$XVWUDOLD���7KLUW\�IRXU�OLYHV�ZHUH�ORVW��KXQGUHGV�RI�KRPHV�DQG�RWKHU�EXLOGLQJVGHVWUR\HG�DQG�PDVVLYH�SURSHUW\�DQG�VWRFN�ORVVHV�ZHUH�LQFXUUHG�)RU�H[DPSOH�LQ�WKH�DUHD�VWUHWFKLQJ�EHWZHHQ�)UDPOLQJKDP��7HUDQJ�DQG�7LPERRQ�LQ�9LFWRULD��������KHFWDUHV�RI�SULPH�GDLU\�ODQG�ZHUH�EXUQW�����OLYHV�ZHUH�ORVW������KRXVHV�GHVWUR\HG����GDLULHV�DQG���VKHDULQJ�VKHGV�DQG��������FDWWOH�������IDPLOLHV�ZHUH�RIILFLDOO\�UHJLVWHUHGDV�DIIHFWHG�LQ�VRPH�ZD\�,Q�WKH�0W��0DFHGRQ�DUHD�RI�9LFWRULD�PDQ\�OLYHV�ZHUH�ORVW��ZKLOVW�RWKHUV�ZHUH�GLVILJXUHG�DQGPDLPHG�� RYHU� IRXU� KXQGUHG� DQG� VHYHQW\� KRPHV� ZHUH� GHVWUR\HG�� DV� ZHOO� DV� VKRSV�FKXUFKHV�DQG�FRPPXQLW\�IDFLOLWLHV�EHLQJ�ORVW����6HH�³$VK�:HGQHVGD\��%XVK�ILUHV�DQG�WKH&KXUFK� RI� WKH� 5HVXUUHFWLRQ´� LQ� /LHEHOW�� 3KLOLS� DQG� 1LFKROOV�� 1RHO� �HG��� *HQWOH� 5DLQ� RQ3DUFKHG�(DUWK�-%&(�������

Page 60: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

³$IWHU�WKH�)LUH´$VK�:HGQHVGD\&RPPHPRUDWLYH�6HUYLFH��WK )HEUXDU\������7HUDQJ�8QLWLQJ�&KXUFK

:(/&20(�$1'�,1752'8&7,21�72�7+(0(�&$//�72�:256+,3�+<01� ³2XU�*RG��RXU�KHOS�LQ�DJHV�SDVW´35$<(56�2)�$'25$7,21�$1'�&21)(66,21� �7RJHWKHU�

0RVW�PHUFLIXO�*RG�:H�KXPEO\�DGPLW�WKDW�ZH�QHHG�\RXU�KHOS�:H�FRQIHVV�WKDW�ZH�KDYH�ZDQGHUHG�IURP�\RXU�ZD\�ZH�KDYH�GRQH�ZURQJ�DQG�ZH�KDYH�IDLOHG�WR�GR�ZKDW�LV�ULJKW�<RX�DORQH�FDQ VDYH�XV�+DYH�PHUF\�RQ�XV�:LSH�RXW�RXU�VLQV�DQG�WHDFK�XV�WR�IRUJLYH�RWKHUV�%ULQJ�IRUWK�LQ�XV�WKH�IUXLW�RI�WKH�6SLULWWKDW�ZH�PD\�OLYH�DV�GLVFLSOHV�RI�&KULVW�7KLV�ZH�DVN�LQ�WKH�QDPH�RI�-HVXV�RXU�6DYLRXU�$0(1�

'(&/$5$7,21�2)�)25*,9(1(66�$17+(0� ³*UHDW�LV�7K\�)DLWKIXOQHVV´2/'�7(67$0(17�5($',1*� ,VDLDK������+<01� ³'HDU�/RUG�DQG�)DWKHU�RI�PDQNLQG��IRUJLYH�RXU�IRROLVK�ZD\V�´1(:�7(67$0(17�5($',1*� 5RPDQV����������������*263(/���0DWWKHZ��������+<01�� ³0RUQLQJ�KDV�%URNHQ´$''5(66�$17+(0�

Page 61: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

$�/,7$1<�2)�5(0(0%5$1&(�$1'�+23(�/HDGHU� /RYLQJ�*RG�RXU�SUD\HUV�WRGD\�KDYH�EHHQ�ZKHUH�RXU�KHDUWV�DQG�PLQGVKDYH�EHHQ�WKLV�\HDUZLWK�WKH�GD\�RI�WKH�ILUHDQG�DOO�WKDW�KDV�KDSSHQHG�VLQFH�:H�UHPHPEHU�WKDW�GD\ZKHQ�WKH�IRXQGDWLRQ�RI RXU�OLIH�ZDV�VKDNHQDQG�WKHUH�ZDV�JULHI�WKDW�VHHPHG�WRR�JUHDW�WR�EHDU�\HW3HRSOH� /RUG��LQ�\RXU�PHUF\ZH�ZHUH�XSKHOG�DQG�VDYHG�/HDGHU� :H�FRPH�EHIRUH�\RX��QRW�DORQHEXW�LQ�WKH�FRPSDQ\�RI�RWKHUV�3HRSOH� :H�VKDUH�RXU�JUDWLWXGH�ZLWK�HDFK�RWKHUDQG LW�EHFRPHV�JUHDWHU�/HDGHU� :H�VKDUH�RXU�WURXEOHV�ZLWK�HDFK�RWKHUDQG�WKH\�EHFRPH�VPDOOHU�3HRSOH� :H�VKDUH�RQH�DQRWKHU¶V�JULHIV�DQG�EXUGHQVDQG�WKHLU�ZHLJKW�EHFRPHV�SRVVLEOH�WR�EHDU�/HDGHU� :H�UHPHPEHU�WKH�WUDJHGLHV�WKH�GHDWK�RI�SHRSOH�ZH�NQHZ�DQG�ORYHG�WKH�EODFN�ZDVWHODQG�RI�RXU�FRXQWU\VLGH�WKH�IHDUV�RI�RXU�FKLOGUHQ�WKH�JULHI�DQG�GHVSDLU�DW�WKH�ORVVRI�RXU�KRPHV��RXU�KHUGV��RXU�KRSHV�3HRSOH� /RUG��LQ�\RXU�PHUF\�FRPIRUW�RXU�VRUURZLQJ�KHDO�RXU��PHPRULHV�OHW�WKHUH�EH�SHDFH�OHW�WKHLU EH�KRSH�/HDGHU� :H�JLYH�WKDQNV�IRU�WKRVH�ZKR�IRXJKW�WKH�ILUHDQG�DOO�ZKR��ZLWK�KHURLVP�VWRRG�EHVLGH�XV�RQ�WKDW�DZIXO�GD\�:H�JLYH�WKDQNV�IRU�WKH�VXSSRUW�DQG�FDUHRI�RXU�ZLGHU�FRPPXQLW\��DQG�VWDWH�DQG�QDWLRQ�IRU�DOO�WKDW�HQFRXUDJHG�DQG�VXVWDLQHG�XVLQ�WKRVH�HDUO\�GD\V�3HRSOH� /RUG��LQ�\RXU�PHUF\\RX�JDYH�IDLWK�LQ�WKH�DVKHV�RI�GLVLOOXVLRQPHQWVWUHQJWK�WR�FRSH�ZLWK�WKH�WDVNV�RI�WKH�GD\DQG�FRXUDJH�WR�IDFH�WKH�XQFHUWDLQWLHV�RI�WKH�IXWXUH�

Page 62: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

/HDGHU� :H�JLYH�WKDQNV�IRU�HYHU\RQHZKR�KHOSHG�VSHHG�RXU�UHFRYHU\UHVSHFWHG�RXU�GLJQLW\DQG�UHVWRUHG�RXU�KRSH�7KRVH�ZKR�ZRUNHG�DPRQJVW�XV�IURP�JRYHUQPHQWDQG�YROXQWDU\�JURXSV��WKH�FKXUFKDQG�D�KRVW�RI�IULHQGV��QHLJKERXUV�DQG�JHQHURXV�FLWL]HQV�

3HRSOH� /RUG��LQ�\RXU�PHUF\OHW�WKH�KRSH�DQG�WKH�ORYHZH ZHUH�JLYHQUHPDLQ�LQ�RXU�KHDUWV�/HDGHU� :H�UHPHPEHU�KRZ�ZH�RXUVHOYHV�FRSHG�KRZ�GHVSDLU�VRPHWLPHV�JDYH�ZD\�WR�DQJHUDQG�JXLOW�HUXSWHG�LQ�DQJHUDQG�DQ[LHW\�VDSSHG�RXU�HQHUJ\�3HRSOH� /RUG��LQ�\RXU�PHUF\�OLIW�XV�IURP�GHVSDLU�DQG�ORVV�WDNH�DOO�WKDW�KDSSHQV�WR�XVDQG�WXUQ�LW�WR�JRRG�DFFRXQWVR�WKDW�WKH�ILUH�RI�DGYHUVLW\ZLOO�GHHSHQ�RXU�WUXVWLQ�\RXU�HWHUQDO�SURYLGHQFH�/HDGHU� :H�UHPHPEHUWKH�WHDUV�DQG�WKH�JRRG�KXPRXUWKH�WLUHGQHVV�DQG�WKH�FRPIRUWWKH�IHOORZVKLS�RI�VXIIHULQJ�DQG�FRPPXQLW\DQG�WKH�ZD\�ZH�ZHUH�JLYHQJUDFH�WR�KROG�RQ�DQG�WR�NQRZWKDW�ZHHSLQJ�PD\�HQGXUH�IRU�D�QLJKWEXW�MR\�FRPHV�LQ�WKH�PRUQLQJ�3HRSOH� /RUG��LQ�\RXU�PHUF\JUDQW�XV�VHUHQLW\�WR�DFFHSW�ZKDW�FDQQRW�EH�FKDQJHGDQG�FRXUDJH�WR�GR�ZKDW�ZH�FDQ�/HDGHU� :H�JLYH�WKDQNVIRU�WKH�UHJHQHUDWLRQ�RI�QDWXUHWKH�UHVWRUDWLRQ�RI�RXU�OLYHVDQG�WKH�UHFRYHU\�RI�RXU�KRSH�3HRSOH� /RUG��LQ�\RXU�PHUF\FRQWLQXH�WR�VXVWDLQ�DQG�GLUHFW�XV�/HW�WKHUH�EH�SHDFH�/HW�WKHUH�EH�KRSH�/HW�WKHUH�EH�ORYH�

Page 63: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

/HDGHU� 7KLV�ZH�DVN�WKURXJK�WKH�RQHZKRVH�VSLULW�LQVSLUHV�RXU�FRPSDVVLRQ�-HVXV�RXU�/RUG�3HRSOH� $0(1�+<01� ³,PPRUWDO��LQYLVLEOH��*RG�RQO\�ZLVH�´%(1(',&7,21�

Page 64: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

2WKHU�:RUVKLS�5HVRXUFHV�IRU�XVHDIWHU�%XVKILUHV7KLV�FROOHFWLRQ�ZDV�SUHSDUHG�E\�5HY�3DP�:\OH\��QRZ�PLQLVWHU�RI� 7KH�8QLWLQJ�&KXUFK� LQ$XVWUDOLD� DW�%ULJKW��9LFWRULD�� � $W� WKH� WLPH�RI� WKH�$VK�:HGQHVGD\� ILUHV�� 3DP� ZDV� D� ORFDOFRXQFLOORU�LQ�WKH�&RFNDWRR�DUHD���HDVW�RI�0HOERXUQH���ZKLFK�ZDV�SDUWLFXODUO\�GHYDVWDWHG�E\WKH�ILUHV�

Page 65: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

7+$1.6*,9,1*�3HRSOH� :H�JLYH \RX�WKDQNV�IRU�OLIH��2�*RG�/HDGHU� )RU�WKH�UHVLOLHQFH�RI�QDWXUH��UHJURZWK�RQ�EODFNHQHG�VXIIHULQJ�WUHHV�1HZ�JUDVV������QHZ�KRSH�3HRSOH� :H�JLYH�\RX�WKDQNV�IRU�OLIH��2�*RG�/HDGHU� )RU�WKH�OLYHV�RI�DOO�ZKR�UHDFK�RXWDQG�JUDVS�RXU�KDQGV�2IIHULQJ WKHLU�VWUHQJWK�UHQHZLQJ�RXU�KRSH�3HRSOH� :H�JLYH�\RX�WKDQNV�IRU�OLIH��2�*RG�/HDGHU��� )RU�WKH�VWUHQJWK�DQG�FRXUDJHZH�FDQ�GUDZ�IURP�WUXVWLQJ�\RX�3HRSOH� :H�JLYH�\RX�WKDQNV�IRU�UHQHZDO�DQG�UHFUHDWLRQ�$0(1�5(0(0%(5,1*� :H�FDOOHG�XSRQ�<RXU�QDPH�

6LOHQW��/LIHOHVV�SLOHV�RI�UXEEOH�RQFH�D�KRXVH�VWDQGLQJ�VROLGLQ�WKH�VKHOWHU�RI�WKH�PRXQWDLQ�$�KRPH�:LWK�OLIH�DQG�ODXJKWHU�D�SLOH�RI�ILUHZRRG�VWDQGLQJ�E\�WKH�GRRUUHDG\�WR�ZDUP�XV�WKURXJK�DQG�WKURXJK�D�GRJ¶V�NHQQHO�VWDQGLQJ�LQ�WKH \DUG�$�SODFH�IRU�VKHOWHULQJ�DQG�EHORQJLQJ�)RU�KRPH�DQG�IDPLO\ZH�JLYH�\RX�WKDQNV�IRU�VKHOWHU�DQG�ZDUPWKZH�JLYH�\RX�WKDQNV�:LWK�IULJKWHQLQJ�DOO�FRQVXPLQJ�IXU\WKH�ILUH�FDPH�VHUYDQW�WXUQHG�PDVWHU�:LWKRXW�GLVFULPLQDWLRQ�5LSSLQJ�5RDULQJ��GHYRXULQJ�IHG�E\�JDOH�IRUFH�ZLQGV�VHDULQJ��VFRUFKLQJ��OLIH�GHVWUR\LQJ�VHHNLQJ�WR�EHFRPH�VRXO�GHVWUR\LQJ�

Page 66: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

,Q�RXU�IHDU��2�*RG�ZH�FDOOHG�XSRQ�\RXU�QDPH�DQG�\RX�MRXUQH\HG�ZLWK�XVDV�ZH�IOHG�6PRNH�ELOORZLQJ�KDQJLQJ��SDXVLQJ��VZHHSLQJ�RQ�SHUPHDWLQJ��ILOOLQJ�QRVWULOV�LPSULQWLQJ�PHPRU\�ZLWKFKRNLQJ�IHDU�,Q�RXU�IHDU��2�*RG�ZH�FDOOHG�XSRQ�\RXU�QDPH�DQG�\RX�EUHDWKHG�\RXUEUHDWK�LQWR�RXU�OXQJV�:DWFKLQJ��ZDLWLQJ�ILHU\�QLJKW�WLPH�VNLHV�JORZLQJZLWK�FRORXUV�RI�UHG�DQG�RUDQJH�FKDQJLQJ�ZLQGV�H[SORGLQJ�F\OLQGHUV�JLDQW�ILUH�FUDFNHUV�6KXGGHULQJ��WUHPEOLQJ�FURZGV�QRZ�VLOHQW�QRZ�WDONLQJ�QRZ�FU\LQJ�QRZ�FRPIRUWLQJ�HDFK�RWKHU�,Q�RXU�GHYDVWDWLRQZH�FDOOHG�XSRQ�\RXU�QDPHDQG�\RXU�DUPV�HPEUDFHG�XV�&KLPQH\�VWDQGLQJ�VWUDLJKW�DQG�WDOO�UHIXVLQJ�WR�JLYH�XS�LWV�OLIHWR�WKH�FUXHOW\�RI�WKH�IODPHV�DW�LWV�IHHWWKH�URRI�OLHV�EHQW�DQG�WZLVWHG�ODPHQWLQJ�WU\�DV�LW�ZRXOG�WR�VWDQG�LW�FRXOG�QRW�ZLWKRXW�VXSSRUW�LWV�OLIH�LV�JRQH�,Q�RXU�SRZHUOHVVQHVVZH�FDOOHG�XSRQ�\RXU�QDPH�2�*RG�DQG�\RX�VWRRG�ZLWK�XVDQG�PRXUQHG�

Page 67: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

.QHHOLQJ�DPRQJ�WKH�DVKHV�VHDUFKLQJ�ORQJLQJ�WR�ILQG�D�FRLQ�D�WR\��D�NHHSVDNH�EXW�WKH�SRZHU�ZKLFK�GHYRXUHG�LWV�OLIH\LHOGV�QRWKLQJ�NQHHV�EODFNHQHG�DQG�VFRUFKHGZH�ZHSW�,Q�RXU�JULHI��2�*RG�ZH�FDOOHG�XSRQ�\RXU�QDPHDQG�\RX�NQHOW�ZLWK�XVDQG�ZHSW�<RX�VDLG�FRPH�ZLWK�PH�DQG�UHVWD�ZKLOH�IRU�,�DP�JHQWOHDQG�,�ZLOO�JLYH�\RX�UHVW�IRU�\RXUZHDU\�VRXOV����$QG�ZH�ZHQW�����DQG�ZH�UHVWHG\RXU�DUPV�KHOG�XV�VDIH�LQ�\RX�ZH�IRXQG�UHIXJH�

5(6855(&7,21�5H�DZDNHQLQJ�UHEXLOGLQJ��UHQHZLQJ�OLIH�FDOOLQJ�IRUWK�IURP�WKH�HDUWK�IUHVK�VKRRWV�RI�JUDVV�EXUQW�OLIHOHVV�EUDQFKHV�EXGGLQJ�OLIH�VWUXJJOLQJ�WR�UHDSSHDU�:H�SUDLVH�\RXU�QDPH�&UHDWRU�*RG�'LJJLQJ��KDPPHULQJ��VDZLQJ�HVWDEOLVKLQJ�DQG�UH�HVWDEOLVKLQJ�LQ�GHILDQFH�RI�WKH�HOHPHQWVDQG�WKHLU�GHVWUXFWLRQ�&RXUDJH��VWUHQJWK��IDLWKDQG�WKH�ZLOO�WR�JR�RQULVH�XS�DQG�VRDU�DERYH�GHVSDLU�&UHDWRU�*RG�\RXU�6SLULW�EHDUV�XV�XS�RQHDJOHV¶�ZLQJV�FUHDWLQJ�UH�FUHDWLQJ�

Page 68: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

&RPPXQLW\�WRJHWKHUQHVV�DQG�FDPDUDGHULH�GUDZLQJ�VWUHQJWK�IURP�RQH�DQRWKHU�ZDONLQJ�DV�QHLJKERXUV�VKDULQJ�VWRULHV�VWRULHV�RI�KRSH�VWRULHV�RI�QHZ�OLIH�VWRULHV�RI�UHVXUUHFWLRQ�<RXU�IDLWKIXOQHVV�\RXU�VWHDGIDVWQHVV�\RXU�EHOLHI�LQ�XV��2�*RG�EHDUV�XV�XS�DQG�FDUULHV�XVZKHQ�ZH�ZRXOG�EUHDNEHQHDWK�WKH�ORDG�&RPH�+RO\�6SLULW�HQHUJLVH�XVZLWK�\RXU�SRZHU�&RPH�+RO\�6SLULW�ZDON�ZLWK�XVDQG�EULQJ�WR�OLIHRXU�VWRULHV�RI�KRSH�

+<01� µ'DUNQHVV�,QWR�/LJKW¶�7XQH��������6XJJHVW�$XVWUDOLDQ�+\PQ�%RRN ����µ/RYH�'LYLQH¶�/HDG�PH�JHQWO\�/HDG�PH�ILUPO\�7KURXJK�WKH�GDUNQHVV�RI�P\�QLJKW�-HVXV��6DYLRXU�:DON�EHVLGH�PH�7XUQ�P\�GDUNQHVV�LQWR�OLJKW�,Q�WKH�SDLQ�RI/LIH¶V�GHHS�VRUURZV�:KHQ�,�ZHHS�LQ�GHHS�GHVSDLU�-HVXV��6DYLRXU�6WLOO�NHHS�QHDU PH�+ROG�PH�LQ�\RXU�ORYLQJ�FDUH�:KHQ�P\�KHDUW�VHHPV/LNH�LW¶V�EUHDNLQJ�:KHQ�WKLV�OLIH�VHHPV�FUXHO�DQG�JUH\�-HVXV��6DYLRXU�7DNH�P\�DQJXLVK�+HDO�P\�EUHDNLQJ�KHDUW�WRGD\�7DNH�P\�SDLQ�DQGEULQJ�PH�KHDOLQJ�7DNH�P\�IHDU�DQG�JLYH�PH�SHDFH�7XUQ�P\�VRUURZLQWR�ODXJKWHU�*UDQW�PH�KRSH�DQG�MR\�DQG�SHDFH�

Page 69: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

%/(66,1*�2)�63(&,$/�2))(5,1*���%86+),5(�5(/,():H�FRPH�LQ�KXPLOLW\�:H�FRPH�LQ�JUDWLWXGH�:H�FRPH�JLYLQJ�WKDQNV�IRU�DOO�WKH�JLIWV\RX�KDYH�VKRZHUHG�RQ�XV�:H�FRPH�RIIHULQJ�WR�ZDON�ZLWK�WKRVHZKR�VXIIHU�LQ�WKH�ZDNH�RI�WKLV�ILUH�6KRZ�XV�WKH�ZD\�%OHVV�WKH�RIIHULQJ�ZH�EULQJ�6R�WKDW�WKRVH�ZKR�DUH�KXUWLQJ.QRZ�ZH�WUXO\�FDUH�7KURXJK�-HVXV�&KULVW�JLYHU�RI�WKH�JUHDWHVW�JLIW� $0(135$<(5�)25�+($/,1*�*UDFLRXV�DQG�HYHU�IDLWKIXO�*RG�ZKR�WKURXJK�\RXU�VRQNQRZV�ZKDW�LW�LV�WR�EH�IXOO\�KXPDQ�)HHO�DQG�KHDU�WKH�SDLQ�RI�\RXU�SHRSOH�:HHS�ZLWK�XV�/HVW�RXU�KHDUWV�EUHDN�*UDFLRXV�DQG�HYHU�ORYLQJ�*RG�5HDFK�RXW�WR�XVDV�ZH�UHDFK�RXW�WR�\RX�%HIULHQG�XV�/HVW�ZH�IHHO�DORQH�(YHU�SUHVHQW�DQG�QXUWXULQJ�*RG�6XUURXQG�\RXU�SHRSOHZLWK�D�FRFRRQ�RI�ZDUPWK�DQG�FDUH�KHOG�ZLWK�WKH�VRIWQHVV�RI�VLON�DQG�WKH�VWUHQJWK�RI�VWURQJ�WZLQH�%HJLQ�D�JHQWOH�KHDOLQJ�WKDW�IURP�SDLQPD\�FRPH�QHZ�OLIH�+ROG�XV�VDIHDQG�QXUWXUH�XV�/HVW�ZH�VKULYHO�XS�ZLWKLQ�(PHUJLQJ�VORZO\�WR�QHZ�OLIH)UDJLOH�DQG�WHQWDWLYH�)DLWK�WHVWHG�IDLWK�QXUWXUHG�KROG�\RXU�SHRSOH��/RYLQJ�*RG�LQ�WKH�SDOPRI�\RXU�KHDOLQJ�KDQGV�

Page 70: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

'UHQFK�XV�LQ�\RXU�ORYH�%ULQJ�XV�WR�QHZ�OLIH�ZLWK�UH�FUHDWLQJ�SRZHU����7KURXJK�-HVXV�&KULVWZH�SUD\���� $0(1�(DFK�WLPH�\RX�ORRN�DW�D�ILHU\VXQVHW�����PD\�WKH�KHDOLQJ�SRZHURI�WKH�+RO\�6SLULW�����JHQWO\WRXFK�\RXU�WHDUV�DQG�SHDFHDQG�XQGHUVWDQGLQJ�����XQWLO�RQFHDJDLQ�\RX�VHH�WKH�VXQVHW�IRULWV�SXUH�EHDXW\������DQGWKH�JORU\�RI�*RG¶V�FUHDWLRQ�

6(1',1*�287�*R�QRZ�WR�UHEXLOG�WKH�OLIH*RG�KDV�JLYHQ�\RX�*R�ZLWK�UHQHZHG�VWUHQJWK�*R�ZLWK�KRSH�DQG�FRQILGHQFH7KDW�ZH�ZLOO�EH�WKH�KDQGV�DQG�IHHWRI�-HVXV�&KULVW�ZDONLQJ�ZLWK�\RX�*R�NQRZLQJ�WKDW�WKH�+RO\�6SLULW�EHDUV\RX�XS�DQG�FDUULHV�\RX�ZKHUH�\RXFRXOG�QRW�ZDON�DORQH� $0(1�

Page 71: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

³0\�KHDUW�ZLWKLQ�PH�LV�DSSDOOHG´$�/LWXUJ\�IRU�D�FRPPXQLW\LQ�VKRFN�DQG�JULHIDIWHU�YLROHQFH�RU�DFFLGHQW$� OLWXUJ\� LQFRUSRUDWLQJ� ³HOHPHQWV� RI� D� QXPEHU� RI� RFFDVLRQV� ZKHQ� ORFDO� FKXUFKHV� KDYHUHVSRQGHG�WR�FRPPXQLW\�HYHQWV�E\�JDWKHULQJ�SHRSOH�WR�ODPHQW��JULHYH�DQG� UHFODLP�KRSH´�LQFOXGHG�LQ

+RZ�/LWXUJ\�FDUHV�IRU�8V�LQ�3HUVRQDO�DQG�&RPPXQDO�6HWWLQJV$�'LVVHUWDWLRQ��3URMHFW�SUHVHQWHG�WR�WKH�&RPPLWWHH�IRU�$GYDQFHG�3DVWRUDO�6WXGLHV�6DQ�)UDQFLVFR�7KHRORJLFDO�6HPLQDU\��LQ�SDUWLDO�IXOILOPHQW�RI�WKH�UHTXLUHPHQWV�IRU�WKH'HJUHH�RI�'RFWRU�RI�0LQLVWU\�5HY�&ROOHHQ�2¶5HLOO\������3VDOP������E���7KH�IXOO�WH[W�RI�Y���LV7KHUHIRUH�P\�VSLULW��IDLQWV�ZLWKLQ�PH�P\�KHDUW�ZLWKLQ�PH�LV�DSSDOOHG�7KLV�WH[W�KDV�EHHQ�FKRVHQ�WR�FRQYH\�WKH�VHQVH�RI�VKRFN��GLVEHOLHI��JULHI�DQG�RXWUDJH�ZKLFKVXGGHQ� YLROHQFH� RU� ORVV� RI� OLIH� FDXVHV� IRU� ERWK� LQGLYLGXDOV� DQG� ZKROH� FRPPXQLWLHV�LQFOXGLQJ�D�QDWLRQ�� 2¶5HLOO\��S����

Page 72: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

³0\�KHDUW�ZLWKLQ�PH�LV�DSSDOOHG´$�/LWXUJ\�IRU�D�FRPPXQLW\LQ�VKRFN�DQG�JULHIDIWHU�YLROHQFH�RU�DFFLGHQW*$7+(5,1*� �7KH�/HDGHU�VD\V�WKHVH�RU�VLPLODU�ZRUGV��

)ULHQGV�� ZH� KDYH� FRPH� WRJHWKHU� WRGD\� WR� UHPHPEHU� WKH� WHUULEOH� DQG� WUDJLFHYHQWV�ZKLFK�KDYH�KDSSHQHG�LQ�RXU�FRPPXQLW\���2XU�KHDUWV�DUH�DSSDOOHG�ZLWKLQXV�DQG�ZH�UHDFK�RXW�WR�*RG�DQG�WR�HDFK�RWKHU�:H�FRPH�WR�DIILUP�WKDW�HYHQ� LQ� WKH�PLGVW�RI� WKLV� WUDJHG\�ZH�FDQ�FRQWLQXH�DV�DFRPPXQLW\��VXSSRUWLQJ�RQH�DQRWKHU�DQG�UHNLQGOLQJ�RXU�KRSH� LQ�WKH�JRRGQHVV�RI*RG¶V�JLIW�RI�OLIH�WRJHWKHU�6HSDUDWHO\�ZH�UHFHLYHG�WKH�QHZV�RI�WKHVH�HYHQWV�DQG�VHSDUDWHO\�WKH�YLFWLPV�IHOO�,Q�WKH�VLOHQFH�RI�VKRFN�ZH�KHDUG�WKH�DSSDOOLQJ�QHZV��DQG� LQ�RXU�JULHI�ZH�GR�QRWNQRZ�ZKDW�WR�VD\��H[FHSW�WR�DVN�³:K\"´7RJHWKHU�ZH�ZLOO�JLYH�YRLFH�WR�RXU�ODPHQW��IRU�VLOHQFH�ZLOO�QRW�KHDO�XV��QRU�ZLOO�RXUVLOHQFH�OHDG�WR�D�UHQHZHG�FRPPXQLW\�7RJHWKHU�QRZ�ZH�DUH�WDNLQJ�D�VWHS�WR�KHDO�DQG�JLYH�WHVWLPRQ\�WR�RXU�GHVLUH�IRU�DKHDOHG�FRPPXQLW\���,W�LV�*RG�ZKR�FDUHV�IRU�XV��ZKR�ZLOO�EULQJ�XV�WKH�KHDOLQJ�DQGFRPIRUW�ZH�VHHN�/HW�XV�QRZ�DVN�*RG�IRU�WKLV�JLIW�

+<01��� 3VDOP�����³7KH�/RUG�LV�P\�6KHSKHUG´6&5,3785(�5($',1*6� �7KHVH�QHHG�WR�EH�FKRVHQ�DFFRUGLQJ�WR�FLUFXPVWDQFH��+20,/<�

7KH� HPSKDVLV� VKRXOG� UHPDLQ� RQ� WKH� KHDOLQJ� RI� WKH� FRPPXQLW\� LQ� WKH� OLJKW� RI� WKH� HYHQWV�� DQGH[SUHVVLRQV�RI�*RG¶V�HQJDJHPHQW�ZLWK�XV�WKURXJK�*RG¶V�FRPSDVVLRQ�DQG�ORYH�35$<(56�/HDGHU� /HW�XV�SUD\�ZLWK�FRQILGHQFH�WR�*RG�ZKR�KHDOV�WKH�SDVW��GLUHFWV�WKH�SUHVHQW�DQGFDOOV�XV�LQWR�WKH�IXWXUH�:H�SUD\�IRU�WKLV�FRPPXQLW\�RI�1�7KURXJK�WKH�ERQG�RI�RXU�FRPPRQ�KXPDQLW\��GUDZ�XV�WRJHWKHU�DQG�PDNH�XV�RQH�3HRSOH� +HDU�XV��DQG�KHDO�XV��2�*RG�

Page 73: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

/HDGHU� :H�SUD\� IRU� DOO� WKH� FRPPXQLWLHV� RI� ZKLFK�ZH�DUH� D� SDUW�� WKH� QHLJKERXUKRRGV�IDPLOLHV�DQG�IULHQGVKLSV�LQ�ZKLFK�ZH�VKDUH�3HRSOH� +HDU�XV��DQG�KHDO XV��2�*RG�/HDGHU� :H� DFNQRZOHGJH� RXU� ODFN� RI� FRQFHUQ� ZKHQ� WKHVH� WKLQJV� KDYH� KDSSHQHGHOVHZKHUH�3HRSOH� +HDU�XV��DQG�KHDO�XV��2�*RG�/HDGHU� 1XUWXUH�LQ�XV�D�VHQVH�RI�WKH�FRPPRQ�JRRG�DQG�D�ZLOOLQJQHVV�WR�ZRUN�IRU�MXVWLFHDQG�SHDFH�3HRSOH� +HDU�XV��DQG�KHDO�XV��2�*RG�/HDGHU� 6DYH�XV�IURP�DQJHU�DQG�D�GHVLUH�IRU�YHQJHDQFH�'R�QRW�OHW�XV�NHHS�VLOHQFH�ZKHQ�LW�LV�WLPH�WR�VSHDN�IRU�FKDQJH�3HRSOH� +HDU�XV��DQG�KHDO�XV��2�*RG�/HDGHU� :H�SUD\�IRU�DOO�ZKR�VXSSRUW�DQG�VWUHQJWKHQ�XV�XSKROG�DOO�ZKR�ZRUN�LQ�WKH�VXSSRUW�VHUYLFHV�RI�WKLV�FRPPXQLW\�3HRSOH� +HDU�XV��DQG�KHDO�XV��2�*RG�/HDGHU� :H�SUD\�IRU�DOO�YLFWLPV�RI�YLROHQFH�HVSHFLDOO\�WKRVH�ZKR�GLHG�RU�ZHUH�LQMXUHG�KHUH�3HRSOH� +HDU�XV��DQG�KHDO�XV��2�*RG�/HDGHU� :H�SUD\�IRU�DOO�ZKR�DUH�JULHYLQJ�WKH�ORVV�RI�WKRVH�WKH\�ORYH�3HRSOH� +HDU�XV��DQG�KHDO�XV��2�*RG�/HDGHU� :H�SUD\�WKDW�\RX�ZLOO�UHVWRUH�RXU�WUXVW�LQ�WKH�JRRGQHVV�RI�OLIH�WRJHWKHU�0D\�RXU�PHPRULDO� WR� WKRVH�ZKR�KDYH�GLHG�EH�RXU�ZLOOLQJQHVV� WR�VHHN�KHDOLQJ�MXVWLFH�DQG�SHDFH�LQ�WKLV�FRPPXQLW\�3HRSOH� +HDU�XV��DQG�KHDO�XV��2�*RG�7+(�/25'¶6�35$<(5���

2XU�IDWKHU�:KR�DUW�LQ�KHDYHQ�KDOORZHG�EH�WK\�QDPH�7K\�.LQJGRP�FRPH�7K\�ZLOO�EH�GRQH�RQ�HDUWK�DV�LW�LV�LQ�KHDYHQ�*LYH�XV�WKLV�GD\�RXU�GDLO\�EUHDG�$QG�IRUJLYH�XV�RXU�WUHVSDVVHV$V�ZH�IRUJLYH�WKRVH�ZKR�WUHVSDVV�DJDLQVW�XV�

Page 74: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

$QG�OHDG�XV�QRW�LQ�WR�WHPSWDWLRQ�%XW�GHOLYHU�XV�IURP�HYLO�)RU�WKLQH�LV�WKH�NLQJGRP��WKH�SRZHU�DQG�WKH�JORU\�)RU�HYHU�DQG�HYHU� $0(1�$&7�2)�5(&/$,0,1*�+23(�/HDGHU� :H�FDQQRW�OLYH�DQG�JURZZKHQ�WKH�PHPRU\�RI�WKH�SDVW�RYHUZKHOPV�XV�DQG�NHHSV�XV�LQ�IHDU�6R�QRZ�OHW�XV��*RG��ZKR�LV�JRRGQHVV�DQG�ORYH�LQ�RXU�PLGVW�FRPH�EHIRUH�\RX�WR�GHOLYHU�XV�IURP�DQ[LHW\�DQG�IHDUDQG�WR�JLYH�XV�KRSH�LQ�D�QHZ�IXWXUH�WRJHWKHU�

/HW�XV�SUD\�IRU�*RG¶V�EOHVVLQJ��XSRQ�WKLV�WUHH�WR�EH�SODQWHG�LQ�WKLV�SXEOLF�SODFH�DQG�XSRQ�WKHVH�VHHGV��ZH�ZLOO�WDNH�ZLWK�XV�IURP�KHUH���/HW�XV�UHFODLP�WKLV�SXEOLF�VSDFH�IRU�RXU�FRPPXQLW\��WKDW�RQFH�PRUHLW�PD\�EH�D�SODFH�RI�VDIHW\�DV�ZH�VKDUH�OLIH�WRJHWKHU�KHUH�

�$�WLPH�RI�VLOHQFH�PD\�EH�NHSW��/HW�XV�SUD\�+RO\�*RG�\RX�NQRZ�WKH�GHHSHVW�GHVLUHV�RI�RXU�KHDUWV�EHIRUH�ZH�DVN�DQG�\RXU�ZLOO�IRU�XV�LV�WKDW�ZH�VKRXOG�OLYH�LQ�SHDFH�WRJHWKHU�/RRN�ZLWK�FRPSDVVLRQ�RQ�RXU�EURNHQ�DQG�GLVWUHVVHG�FRPPXQLW\�+HDO�WKH�ZRXQGV�RI�PLQGV�DQG�ERGLHVDQG�UHVWRUH�XV�WR�KRSH�DQG�WUXVW�5HOHDVH�XV�IURP�IHDU�RI�SDVW�HYHQWV�DQG�GHOLYHU�WKLV�SODFHIURP�WKH�SRZHU�RI�HYLO�DQG�WKH�PHPRU\�RI�YLROHQFH�$V�WKLV�WUHH�VWDQGV�LQ�RXU�PLGVW��SODQW�LQ�XV�D�ORYH�RI�SHDFH�D�ORYH�RI�HDFK�RWKHU� DQG�D�ORYH�RI�<RX�+DOORZ�WKLV�SODFH�DQG�EOHVV�WKLV�WUHH�DQG�VHHGV�WKDW�ZLWK�WKHP�ZH�PD\�JURZ�WRZDUGV�\RXU�LPDJH�LQ�XV�:H�DVN�WKLV�LQ�\RXU�QDPH�DQG�LQ�\RXU�VWUHQJWK�

3HRSOH� $0(1�/HDGHU� $V�D�VLJQ�RI�WKH�SHDFH�ZH�VHHN�OHW�XV�JUHHW�RQH�DQRWKHU�LQ�SHDFH�

3OHDVH�H[FKDQJH�D�VLJQ�RI�SHDFH�ZLWK�HDFK�RWKHU�+<01�RU�RWKHU�PXVLF�GUDPD �

Page 75: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

'(3$5785(�/HDGHU� :H�KDYH�JDWKHUHG�WRJHWKHU�WR�UHPHPEHU�WKH�YLFWLPV�RI���������DQG�WR�UHFODLP�RXU�OLIH�WRJHWKHU�LQ�WKLV�FRPPXQLW\�:H�JR�IURP�KHUH�QRW�IRUJHWWLQJ�ZKDW�KDV�RFFXUUHG�EXW�ZLWK�D�UHQHZHG�GHVLUH�IRU�DOOWKDW�EXLOGV�RXU�OLIH�WRJHWKHU�$V�D�VLJQ�RI�RXU�ZLOOLQJQHVV�WR�QXUWXUH�WKH�WHQGHU�VKRRWV�RI�QHZ�OLIH�ZH�WDNH�WKHVH�VHHGV�WR�RXU�KRPHV�IRU�SODQWLQJ�0D\�*RG�XSKROG�XV�DQG�UHVWRUH�XVDQG�NHHS�XV�IURP�DOO�KDUP�

0D\�*RG�KDYH�FRPSDVVLRQ�RQ�RXU�FRPPXQLW\DQG�JLYH�XV�EDFN�WUXVW�DQG�KRSH�0D\�*RG�JR�EHIRUH�XV��WHDFKLQJ�XV�ZKDW�LV�ULJKWDQG�PD\�ZH�ZDON�WKH�SDWKV�RI�SHDFH�0D\�*RG�EOHVV�\RX�DQG�VWUHQJWKHQ�\RX�DQG�VHQG�\RX�RXW�IURP�KHUH�DV�EHDUHUV�RI�SHDFH�

3HRSOH� :H�JR�LQ�SHDFH��ZH�JR�LQ�KRSH�127(6��� 6LQJLQJ�WRJHWKHU�HDUO\� LQ� WKH� OLWXUJ\�KDV�WKH�HIIHFW�RI�FUHDWLQJ�DQ�DVVHPEO\�RI� WKRVHZKR�KDYH�JDWKHUHG���3VDOP�����WR� WKH�WXQH�RI�&ULPRQG��LV�D�K\PQ�ZLWK� WKH�YLUWXH�RIEHLQJ�ZLGHO\�NQRZQ�E\�PRVW�SHRSOH���,WV�IDPLOLDULW\�LV�D�VLJQLILFDQW�FRQWULEXWLRQ�WR�WKLVOLWXUJ\��� 7KH�IRUP�SULQWHG�KHUH�LV�WKDW�PRVW�OLNHO\�WR�EH�IDPLOLDU�WR�WKH�ODUJHVW�QXPEHU�RI�SHRSOHDWWHQGLQJ�D�OLWXUJ\�RI�WKLV�W\SH��� (DFK� 2UGHU� RI� 6HUYLFH� ZLOO� KDYH� D� VHHG� RI� WKH� VDPH� W\SH� WR� EH� WDNHQ� DZD\� DQGSODQWHG�HOVHZKHUH�E\�WKRVH�DWWHQGLQJ��� 6LQJLQJ�WRJHWKHU�LV�D�JRRG�ZD\�WR�FRQFOXGH�EXW�LW� LV� LPSRUWDQW�WKDW�DQ\�WXQH�FKRVHQVKRXOG�EH�ZHOO�NQRZQ�DQG�WKH�ZRUGV�VLPSOH�DQG�UHOHYDQW�WR�ZKDW�KDV�RFFXUUHG�LQ�WKHFRPPXQLW\���,W�PD\�EH�SRVVLEOH�WR�KDYH�PXVLF�SURYLGHG�E\�D�ORFDO�FKRLU�RU�HQVHPEOHJURXS�� RU� D� GUDPDWLF� LQWHUSUHWDWLRQ� RI� WKH� FRPPXQLW\¶V� H[SHULHQFH�� � 7KH� JXLGLQJSULQFLSOH� LQ� FKRLFHV� IRU� WKLV� OLWXUJ\� VKRXOG� EH� WKH�SDVWRUDO� FDUH� RI� SHRSOH�ZKR�PD\KDYH� ILUP�� IHHEOH� RU� QR� IDLWK�� \HW� KDYH� JDWKHUHG� LQ� UHVSRQVH� WR� WKH� P\VWHU\� RIVXIIHULQJ� DQG� DUH� VHDUFKLQJ� IRU� DXWKHQWLF� KRSH�� � ,W� LV� LPSRUWDQW� WR� GR� DOO� WKDW� LVSRVVLEOH� WR� HQDEOH� SHRSOH� WR� SDUWLFLSDWH� ZLWKRXW� IHHOLQJ� FRQIXVHG� RU� LQHSW� LQ� WKHVLWXDWLRQ�

Page 76: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

:256+,35(6285&(6)25�86(�,1�5(63216(�72

3(5621$/75$*(',(6

Page 77: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

7KH�9DOXH�RI�/LIH7KH�$QQXDO�0HPRULDO�6HUYLFHUHPHPEHULQJ�ZRUNHUV�ZKR�GLHGIURP�RFFXSDWLRQDO�DFFLGHQWV�DQG�GLVHDVHV

6XQGD\���WK 2FWREHU�����6W��*HRUJH¶V�8QLWLQJ�&KXUFK�LQ�$XVWUDOLD(DVW�6W�.LOGD��9LFWRULD7KLV�VHUYLFH�LV�VSRQVRUHG�E\WKH�9LFWRULDQ�&RXQFLO�RI�&KXUFKHV�DQG�WKH�9LFWRULDQ�7UDGHV�+DOO�&RXQFLODQG�KRVWHG�E\�WKH�6W��*HRUJH¶V�8QLWLQJ�&KXUFK��(DVW�6W��.LOGD�

$3352$&+�72�*2'�3UHOXGH�2UJDQ�9ROXQWDU\7UDGH�8QLRQ�&KRLU���³1NRVL�6LNHOH�/L�$IULFD´

&$//�72�:256+,3�/HDGHU� 7KH�ZRUOG�EHORQJV�WR�*RG�3HRSOH� 7KH�HDUWK�DQG�DOO�LWV�SHRSOH�/� +RZ�JRRG�DQG�ORYHO\�LW�LV3� 7R�OLYH�WRJHWKHU�LQ�XQLW\�/� /RYH�DQG�IDLWK�FRPH�WRJHWKHU�3� -XVWLFH�DQG�SHDFH�MRLQ�KDQGV�/� ,I�WKH�GLVFLSOHV�RI�-HVXVNHHS�VLOHQW3� 7KHVH�VWRQHV�ZRXOG�VKRXW�DORXG�/� 2SHQ�RXU�OLSV��2�*RG3� $QG�RXU�PRXWKV�VKDOO�SURFODLP�\RXU�SUDLVH�+<01� ³*UDFLRXV�*RG�ZH�FRPH�FRQIHVVLQJ´:(/&20(�$1'�67$7(0(17�2)�385326(�

Page 78: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

35$<(5�2)�7+$1.6*,9,1*����5HVSRQVH��3VDOP�������/� 2�*RG��ZH�SUDLVH�\RX�IRU�\RXU�JLIW�RI�FUHDWLRQ�IRU�LWV�PDMHVW\�DQG�DZH�:H�SUDLVH�\RX�IRU�WKH�LQWHJULW\�RI�WKH�HQYLURQPHQW�IRU�LWV�RUGHU�DQG�EDODQFH�$QG�ZH�JLYH�KHDUWIHOW�SUDLVH�IRU�OLIHWKDW�LV�JLIWHG�E\�\RXU�ORYHDQG�VXVWDLQHG�E\�\RXU�MXVWLFH�DQG�SHDFH�3� &DOO�XSRQ�*RG�LQ�WKH�GD\�RI�WURXEOH�*RG�ZLOO�GHOLYHU�\RX�$QG�\RX�VKDOO�KRQRXU�*RG�/� :H�RIIHU�RXU�WKDQNV�IRU�DOO�ZKR��E\�WKHLU�ZRUN�FRQWULEXWH�WR�WKH�FRPPRQ�JRRG�(VSHFLDOO\�ZH�JLYH�WKDQNV�IRU�WKH�OLYHV�RI�WKRVH�ZRUNHUVZKR�GLHG�IURP�ZRUN�UHODWHG�FDXVHV�ZKR�GLHG�LQ�VHUYLQJ�XV�DOO�3� &DOO�XSRQ�*RG�LQ�WKH�GD\�RI�WURXEOH�*RG�ZLOO�GHOLYHU�\RX�DQG�\RX�VKDOO�KRQRXU�*RG�/�� :H�WKDQN�\RX�*RG�IRU�WKH�FRPSDVVLRQ�DQG�VXSSRUW�RI�IDPLO\�DQG�IULHQGV�DQG�WKH�VROLGDULW\�RI�ZRUN�PDWHV�ZKR KDYH�VKRZQ�XV�ORYH�DQG�IULHQGVKLS�DQG�KDYH�KHOSHG�XV�WR�JHW�XS�ZKHQ�ZH�ZHUH�NQRFNHG�GRZQ�3� &DOO�XSRQ�*RG�LQ�WKH�GD\�RI�WURXEOH�*RG�ZLOO�GHOLYHU�\RX�DQG�\RX�VKDOO�KRQRXU�*RG�/� :H�WKDQN�\RX�*RG�IRU�GUDZLQJ�XV�LQWR�FRPPXQLRQ�ZLWK�WKRVH�ZKR�KDYH�GLHG�DQG�IRU�\RXU�6SLULW�ZKLFK�HQFRXUDJHV�XVWR�KRQRXU�WKH�OLYHV�RI�RXU�ORYHG�RQHV�7KDQN�\RX�IRU�FRXQVHOORUV��VXSSRUW�JURXSV�DQG�DOO�WKRVH�ZKR�OLVWHQ�WR�WKH�FULHV�RI�RXU�KHDUWV�3� &DOO�XSRQ�*RG�LQ�WKH�GD\�RI�WURXEOH�*RG�ZLOO�GHOLYHU�\RX�DQG�\RX�VKDOO�KRQRXU�*RG�/�� 7KDQN�\RX��*RG��IRU�WKH�PDQ\�ZD\V�\RX�EULQJ�FRPIRUW�WR�EURNHQ�KHDUWV�DQG�VRODFH�WR�WURXEOHG�PLQGV�:H�JLYH�WKDQNV�DQG�SUDLVH�WKDW�\RX�QHYHU�WXUQ�DZD\IURP�WKH�SDLQ�RI�WKRVH�ZKR�PRXUQ�RU�IRUJHW�RXU�ORQHOLQHVV�3� &DOO�XSRQ�*RG�LQ�WKH�'D\�RI�WURXEOH�*RG�ZLOO�GHOLYHU�\RX�$QG�\RX�VKDOO�KRQRXU�*RG�

Page 79: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

&21)(66,21� �)URP�'RURWK\�0F5DH�0F0DKRQ�³(FKRHV�RI�RXU�-RXUQH\´��-%&(�/� 2�*RG��\RX�GLH�IRU�XV�DQG�FRQTXHU�GHDWK�IRU�XV�3� %XW�ZH�ILQG�LW�KDUG�WR�EHOLHYH�LQ�\RXU�ORYH�

�6LOHQW�5HIOHFWLRQ�/�� :H�VHH�\RXU�FUHDWLYLW\�LQ�DOO�WKH�HDUWK�3� %XW�IHDU�WR�DVN�IRU�RXU�RZQ�KHDOLQJ�

�6LOHQW�5HIOHFWLRQ�/� :H�KHDU�\RXU�LQYLWDWLRQ�WR�SHDFH�3� %XW�ZH�GDUH�QRW�VWRS�WR�UHFHLYH�LW�,Q�FDVH�LW�LV�QRW�SRVVLEOH�)RUJLYH�XV�DQG�EULQJ�XV�WR�IDLWK�$6685$1&(�2)�3$5'21�/� +HDU�WKH�:RUG�WR�XV�LQ�&KULVW�,I�ZH�KDYH�IDLWK�DV�VPDOO�DV�D�PXVWDUG�VHHG�*RG¶V�SRZHU�LV�UHOHDVHG�LQ�XV�2XU�KHDOLQJ�LV�D�JUDFLRXV�JLIW�5LVH��WDNH�XS�\RXU�EHG�DQG ZDON�3� 7KDQNV�EH�WR�*RG� $0(1�/,67(1,1*�72�7+(�:25'�2)�*2'�:25.3/$&(�'($7+6�

$Q�DFFRXQW�RI�GHDWK�WKURXJK�ZRUN�UHODWHG�DFFLGHQWV�DQG�GLVHDVHV�75$'(�81,21�&+2,5� ³:RUNLQJ�/LIH´³%UHDG�DQG�5RVHV´),567�5($',1*� ([RGXV�����������0RVHV� LV� UHPLQGHG� E\� *RG� WKDW� WKH� JORU\� RI� *RG� LV� *RG¶V� FRPSDVVLRQ� IRUPDUJLQDOLVHG�DQG�RSSUHVVHG�SHRSOH�*263(/�5($',1*� 0DWWKHZ����������-HVXV� DYRLGV� D� WUDS� VHW� E\� WKH� UHOLJLRXV� HVWDEOLVKPHQW� ZKLFK� KLV� OLIH� DQGWHDFKLQJV�DWWDFNV�DV�XQMXVW�DQG�RSSUHVVLYH�/� 7KLV�LV�WKH�ZRUG�RI�*RG�3� 7KDQNV EH�WR�*RG�6(5021�5(63216(�72�*2'¶6�:25'�

Page 80: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

+<01� ³7KH�/RUG¶V�0\�6KHSKHUG´0(025,$/�352&(66,21� �7KH�9LFWRULDQ�7UDGHV�+DOO�&RXQFLO�0HPRULDO�%RRN�LV�FDUULHG�LQ���$�PHPRULDO�FDQGOH� LV� OLW�IRU�DOOWKRVH�ZKR�KDYH�GLHG�IURP�RFFXSDWLRQDO�DFFLGHQWV�RU�GLVHDVH� �$OO�DUH�LQYLWHG�WR�OLJKW�D�PHPRULDO�FDQGOH�IRU�D�ORYHG�RQH�RU�ZRUN�PDWH�ZKR�GLHG�DV�D�UHVXOW�RIDQ�RFFXSDWLRQDO�DFFLGHQW�RU�GLVHDVH�75$'(�81,21�&+2,5� ³6ROLGDULW\�)RUHYHU´1(:6�2)�7+(�)$,7+�&20081,7<�2))(5725<� 7UDGH�8QLRQ�&KRLU���³:H�ZLOO�QRW�JLYH�XS�WKH�ILJKW´2))(5725<�35$<(5�&5(('� �7RJHWKHU�

:H�EHOLHYH�LQ�*RG��FUHDWRU�RI�WKH�ZRUOG�DQG�RI�DOO�SHRSOH�DQG�LQ�-HVXV�&KULVW��LQFDUQDWH�DPRQJ�XV��ZKR�GLHG�DQG�URVH�DJDLQ�DQG�LQ�WKH�+RO\�6SLULW��SUHVHQW�ZLWK�XV�WR�JXLGH��VWUHQJWKHQ��DQG�FRPIRUW�:H�UHMRLFH�LQ�HYHU\�VLJQ�RI�*RG¶V�NLQJGRP����LQ�WKH�XSKROGLQJ�RI�KXPDQ�GLJQLW\�DQG�FRPPXQLW\����LQ�HYHU\�H[SUHVVLRQ�RI�OLIH��MXVWLFH�DQG�UHFRQFLOLDWLRQ����LQ�HDFK�DFW�RI�VHOI�JLYLQJ�RQ�EHKDOI�RI�RWKHUV���LQ�WKH�DEXQGDQFH�RI�*RG¶V�JLIWV��HQWUXVWHG�WR�XV�WKDW�DOO�PD\�KDYH�HQRXJK����LQ�DOO�UHVSRQVLEOH�XVH�RI�WKH�HDUWK¶V�UHVRXUFHV�:H�FRPPLW�RXUVHOYHV�LQGLYLGXDOO\�DQG�DV�D�FRPPXQLW\�WR�WKH�ZD\�RI�&KULVW����WR�WDNH�XS�WKH�FURVV����WR�VHHN�DEXQGDQW�OLIH�IRU�DOO�KXPDQLW\����WR�VWUXJJOH�IRU�SHDFH�ZLWK�MXVWLFH�DQG�IUHHGRP����WR�ULVN�RXUVHOYHV�LQ�IDLWK��KRSH�DQG�ORYH�SUD\LQJ�WKDW�*RG¶V�NLQJGRP�PD\�FRPH��IURP�D�6RFLDO�-XVWLFH�$IILUPDWLRQ�RI�WKH���WK�:RUOG�0HWKRGLVW�&RXQFLO��1DLUREL��.HQ\D�������+<01� ³3UDLVH�ZLWK�-R\�WKH�:RUOG¶V�&UHDWRU´

3UDLVH�WKH�6SLULW�VHQW�DPRQJ�XV�/LEHUDWLQJ�WUXWK�IURP�SULGH�0DNLQJ�MXVW�ZKDW�ZHDOWK�DQG�SRZHU(FRQRPLFV�GRQ¶W�SURYLGH����&HOHEUDWH�WKH�6SLULW¶V�WUHDVXUH��5LJKWHRXVQHVV�QRQH�GDUH�GHULGH��$OWHUDWLRQV�WR�Y���E\�&KXUFK�DQG�7UDGH�8QLRQ�&RPPLWWHH�:25'�2)�0,66,21�%/(66,1*�$1'�7+5((�)2/'�$0(1�

Page 81: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

1RWHV�DQG�5HVRXUFHV�IRU�XVH�LQ�UHVSRQVH�WR6XLFLGHV6XLFLGH�)XQHUDOV�±�+RZ�FDQ�ZH�DSSURDFK�WKHP",W� LV�QHYHU�DSSURSULDWH� WR�PDNH�DVVXPSWLRQV�� �7KH� IDPLO\�VLWXDWLRQ�DQG� WKH�G\QDPLFV�ZLOOQRW� EH� IXOO\� UHYHDOHG�� �:KLOH� DOO� WKH� JULHI� UHVSRQVHV� RI� DQJHU�� EODPH�� JXLOW�� UHJUHW� DQGGHYDVWDWLRQ� PD\� EH� H[SHFWHG�� LW� LV� DOVR� SRVVLEOH� WKDW� WKHUH� PD\� DULVH� VRPH� VHQVH� RIUHVROXWLRQ��HYHQ�UHOLHI��RU�SXUH�UHVLJQDWLRQ�7KH� GHFHDVHG�� LQ� P\� H[SHULHQFH�� KDYH� FRPH� IURP� YDULRXV� EDFNJURXQGV� DQG� DJH�JURXSLQJV�� �&RPPRQ�TXDOLWLHV� RU� FKDUDFWHULVWLFV� DUH� QRW� UHDGLO\� HYLGHQW�� � 6RPH� VHHPHGHVSHFLDOO\�VHQVLWLYH��FDULQJ��RU�KDG�SHUIHFWLRQLVW�WHQGHQFLHV���2IWHQ��WKH�ZRUOG�ZDV�MXVW�QRWNLQG�HQRXJK��DQG�WKHUH�ZDV�D�GLVVDWLVIDFWLRQ�ZLWK�VRFLHW\���,W�ZDV�FRPPRQ�IRU�WKH�SHUVRQWR�KDYH�KDG�VRPH�H[SHULHQFH�RI� LOOQHVV� �SK\VLFDO�RU�PHQWDO���ZLWK�RWKHU�VWUHVVHV� LQ� WKHLUOLIH�6XLFLGH�LV�IDU�PRUH�HYLGHQW�LQ�WKH�FRPPXQLW\�LQ�WKLV�JHQHUDWLRQ��SHUKDSV�SDUWO\�EHFDXVH�LWLV� GLVFXVVHG�PRUH� �� VRPH� YHU\� SXEOLF� ILJXUHV� DUH� NQRZQ� WR� KDYH� VXLFLGHG�� DQG�ZKHQ� LWKDSSHQV�LW�LV�QRW�KXVKHG�XS�DV�PXFK�DV�LW�RQFH�ZDV���,W�LV�SRVVLEOH�WKDW�VRPH�KLJK�SURILOHVXLFLGHV�KDYH�EHHQ�FRSLHG�����(G�����,W�VHHPV�WR�EH�VHHQ�DV�D�YLDEOH�RSWLRQ�ZKHQ�IDFHG�ZLWKSHUVRQDO�SUREOHPV���6XLFLGH�FDQ�EH�VHHQ�DV�D�ZD\�RXW�RU�DV�D� ILQDO�VWDWHPHQW�PDGH�LQ�DUHODWLRQVKLS�EUHDNGRZQ�3DVWRUDOO\�� LW� LV�DOZD\V�P\� LQWHQWLRQ� WR�HQDEOH�SHRSOH� WR� IDFH� WKHLU�RZQ�SHUVRQDO� IHHOLQJVDQG�VWUXJJOHV��DQG�WR�YDOLGDWH�WKHLU�SDLQ��� ,W� LV�DOZD\V�JRRG�WR�SHUPLW�DQ�RSHQQHVV�DERXWZKDW� KDV� KDSSHQHG�� DQG� WR� JXLGH� PRXUQHUV� LQWR� ZD\V� RI� IHHOLQJ� OHVV� JXLOW� DQG� PRUHKHDOLQJ�� � ,� DYRLG� WKH� XVH� RI� WKH� ZRUG� ³FRPPLW´� LQ� UHODWLRQ� WR� WKH� DFW� RI� VXLFLGH�� DQGHQFRXUDJH�DOO�WR�LGHQWLI\�LQ�VRPH�ZD\�ZLWK�WKH�GHFHDVHG��ZKR�FDQ�EH�UHFRJQLVHG�WR�EH�RQHRI�XV�7KHUH� LV� D� JURZLQJ� QHHG� WR� VHHN� VWURQJHU� FRPPXQLW\� VXSSRUWV�� DGGUHVV� DOLHQDWLRQ� DQGSURPRWH�DQ�RSHQ�YXOQHUDELOLW\�� �$V�ZH�GR� WKLV�ZH�EHJLQ� WR� UHFRJQLVH� WKDW�ZH�DOO�ZDQW� WRZRUN� WRJHWKHU� WR� GHFODUH� WKDW� OLIH� LV� SUHFLRXV� DQG� WKDW� KRSH� FDQ� EH� UHNLQGOHG� HYHQ� LQGHVSDLU�

3KLOLS�&KULVWLDQ�LV�DQ�RUGDLQHG�%DSWLVW�PLQLVWHU�ZKR�ZRUNV�DV�D�&HOHEUDQW��)XQHUDOV��:HGGLQJV�DQG1DPLQJV���DQG�LQ�SURYLGLQJ�)DPLO\�6XSSRUW���+H�ZRUNV�LQ�WKH�*HHORQJ�DUHD�RI�9LFWRULD�

Page 82: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

7KH� )XQHUDO� 'LUHFWRUV�� 0LQLVWHUV� DQG� &HOHEUDQWV� ZKR� VKDUHG� JHQHURXVO\� RI� WKHLUH[SHULHQFHV� DQG� UHVRXUFHV� FRQFHUQLQJ� WKH� �PDQ\�� VXLFLGHV� ZLWK� ZKLFK� WKH\� KDYH� EHHQLQYROYHG��DJUHHG�WKDW�WKHUH�LV�QR�VSHFLILF�OLWXUJ\��OLWDQ\�RU�IRUPDW�ZKLFK�FDQ�EH�IROORZHG�IRUD�VXLFLGH�VHUYLFH���&OHDUO\�HDFK�RI�XV�³ERUURZ´�OLQHV��TXRWHV�RU�FROORTXLDOLVPV��VRPHWLPHV�WKRXJK�QRW�DOZD\V��VXSSRUWHG�ZLWK�PXVLF�� LQ�RUGHU� WR�SUHVHQW� WKH�*RVSHO� LQ�D�PHDQLQJIXOZD\� LI� WKDW� LV�DSSURSULDWH�� �:H�DUH� WU\LQJ� WR�PHHW� WKH�QHHGV�RI� WKRVH� LQ�DWWHQGDQFH��DQGVKHG�OLJKW�RQ�WKH�OLIH�RI�WKH�SHUVRQ�ZKR�LV�EHLQJ�UHPHPEHUHG�7KHUH� VHHPV� WR� EH� D� GLIIHUHQFH� EHWZHHQ� FLW\� DQG� UXUDO� H[SHFWDWLRQV� FRQFHUQLQJ� WKHIXQHUDOV���,W�EHFDPH�DSSDUHQW�WKDW�H[SUHVVLRQV�RI�JULHI��HYHQ�DQJXLVK��DUH�D�SULRULW\�LQ�WKHFLW\��DQG�DUH�H[SORUHG�LQ�VRPH�GHSWK���,Q�P\�H[SHULHQFH��WKLV�LV�QRW�WKH�H[SHFWDWLRQ�RI�PRVWFRXQWU\�SHRSOH�� �7KLV� � UDLVHV� WKH�TXHVWLRQ�RI�ZKHWKHU� LW¶V�DQ�XUEDQ�UXUDO�DWWLWXGH��D�QHHGSHUFHLYHG�E\�)XQHUDO�'LUHFWRUV�DQG�PHW�E\�WKH�PDQQHU�LQ�ZKLFK�HDFK�'LUHFWRU�PDQDJHV�RUDUUDQJHV� VHUYLFHV�� RU� HYHQ� ZKHWKHU� WKH� -RKQ� ����� PHVVDJH� KDV� ILQDOO\� LPSDFWHG� DQGSHRSOH�IHHO�PRUH�FRPIRUWDEOH�DERXW�IXQHUDOV�QRZ���0\�LQFOLQDWLRQ�UHJDUGLQJ�RXU�UXUDO�DUHD�LV�D�FRPELQDWLRQ�RI�DOO�WKH�DERYH��FRFRRQHG�LQ�DQ�DFFHSWDQFH�WKDW�RQ�WKH�ODQG��ZH�OLYH�ZLWKELUWK� DQG� GHDWK� MX[WDSRVHG� DOO� WKH� WLPH�� � 7KDW¶V� QRW� WR� VD\� WKH� JULHI� LV� DQ\� OHVV� LQ� WKHFRXQWU\��LW¶V�MXVW�GHDOW�ZLWK�GLIIHUHQWO\�$V�ZLWK�DQ\�IXQHUDO��&HOHEUDQWV�KDYH�WR�GLVFHUQ�ZKDW� LV�DQG�ZKDW� LV�QRW�DSSURSULDWH��DQGDGGUHVV� LW�DFFRUGLQJO\�� �&DUHIXO� OLVWHQLQJ�DW� WKH� WLPH�RI�PHHWLQJ�ZLWK� WKH�EHUHDYHG� IDPLO\DQG� GXULQJ� SDVWRUDO� FDUH� LV� LPSHUDWLYH�� HVSHFLDOO\� UHJDUGLQJ� WKRVH� WKLQJV� WKH\� ZDQWDFNQRZOHGJHG�� � )RU� &KULVWLDQ� PLQLVWHUV� DQG� OHDGHUV�� WKLV� LV� GRQH� SUD\HUIXOO\� ZLWK� WKHNQRZOHGJH�WKDW�WKH�KDQG�RI�WKH�+RO\�6SLULW�LV�DOZD\V�QHDU�,W�ZDV� LQWHUHVWLQJ� WKDW�JHQHUDOO\�� IDPLOLHV�GLG�QRW�ZLVK� WR�KLGH� WKH� µGDUNHU¶�DVSHFWV�RI� WKHGHFHDVHG�� �:KLOH�PDQ\�RI� WKH�VXLFLGHV�ZHUH�QRW� HQWLUHO\� XQH[SHFWHG�� WKRVH�ZKLFK�ZHUHSURYHG� WKH� PRVW� GLIILFXOW� IRU� ORYHG� RQHV� WR� FRPH� WR� WHUPV� ZLWK�� � 7KRVH� RI� PDQLF�VFKL]RSKUHQLF�RU�VLPLODU�KLVWRU\��KDG�TXLWH�RIWHQ�JLYHQ�YRLFH� WR� LW� LQ�VRQJ�RU�YHUVH��ZKLFKZDV�D� JUHDW� YHKLFOH� IRU� KHDOLQJ� DQG� UHOHDVH� LI� LW�ZDV� UHDG�RU� SHUIRUPHG�DW� WKH� IXQHUDO� �HVSHFLDOO\�LI�RIIHUHG�E\�VRPHRQH�FORVH�6LPLODUO\��RQH�)XQHUDO�'LUHFWRU�ZKR�LV�DQ�RUGDLQHG�&HOHEUDQW�FRPPHQWHG�WKDW�LW�KDV�EHHQSUXGHQW�RQ�RFFDVLRQ��WR�WHOO� LPPHGLDWH�QH[W�RI�NLQ�� WKH�SUHFLVH�QDWXUH�RI� WKH�VXLFLGH�� �)RUH[DPSOH��D�PRWKHU�DVNHG�ZKDW�VKH�FRXOG�KDYH�GRQH�SK\VLFDOO\�WR�KDYH�SUHYHQWHG�KHU�FKLOG�����IURP�KDQJLQJ�KLP�KHUVHOI���6KH�ZDV� WROG�JHQWO\�WKDW� LW�FRXOG�KDYH�EHHQ�SUHYHQWHG�E\KHU�FKLOG�DW�DQ\�JLYHQ�PRPHQW�XQWLO� WKH�SRLQW�RI�QR� UHWXUQ�� �+H�VKH�FRXOG�KDYH�VWRRG�XSZLWK� ERWK� IHHW� RQ� WKH� IORRU� DQG� YHU\� VLPSO\� DQG� LPPHGLDWHO\� VKRUW�FLUFXLWHG� WKH� VXLFLGHSURFHVV�� � ,QVWHDG�� WKH� FKLOG� FKRVH� VXIIRFDWLRQ�E\�KDQJLQJ�� LQ� IXOO� NQRZOHGJH� WKDW� KH�VKHFRXOG� VWDQG� XS�� DQG� VWDUW� RU� VWRS� LW� XQWLO� WKH� SRLQW� RI� QR� UHWXUQ� ZDV� UHDFKHG�� � )RU� WKHPRWKHU�� WKDW� NQRZOHGJH� ZDV� WKH� EHJLQQLQJ� RI� D� YHU\� PHDQLQJIXO� DQG� KHDOWK\� KHDOLQJSURFHVV�� EXW� LW� LV� QRW� QHFHVVDULO\� DQ� HIIHFWLYH� SDVWRUDO� DSSURDFK� IRU� HYHU\� VXLFLGH��([DPSOH� XVHG� ZLWK� SHUPLVVLRQ�� 2Q� RFFDVLRQV�� LW� ZLOO� EH� DSSURSULDWH� WR� LQFOXGH� WKHGHWDLOV�RI�WKH�GHDWK�WR�KHOS�PRXUQHUV�LQ�WKHLU�VWUXJJOHV�

Page 83: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

6HUYLFHV�YDU\�LQ�OHQJWK�GHSHQGLQJ�RQ�KRZ�PXFK�RU�KRZ�OLWWOH�IDPLOLHV�ZDQW��WKH�DPRXQW�RIPXVLF�UHTXHVWHG��DQG�ZKHWKHU�WDSHV�DUH�SOD\HG�LQ�IXOO�RU�SDUW�WKHUHRI���,W�PLJKW�EH�D�GLIILFXOWOHDUQLQJ�FXUYH�IRU�FOHUJ\��EXW�WKHUH�LV�D�ZLGHVSUHDG�EHOLHI�WKDW�VHUYLFHV�FRQGXFWHG�IURP�DFKXUFK�QHHG�WR�EH�RIIHUHG�LQ�PRUH�FRQFLVH�XQGHUVWDQGDEOH�ODQJXDJH���)XQHUDO�3DUORXUV�RU&KDSHOV�� HYHQ� JUDYHVLGH� VHUYLFHV�� DUH�PRUH� FRPIRUWDEOH�� LQIRUPDO� DQG� OHVV� WKUHDWHQLQJWKDQ�WKRVH�RIIHUHG�LQ�D�&KXUFK���,W�LV�FOHDU�IURP�OLVWHQLQJ�WR�)XQHUDO�'LUHFWRUV�LQ�SDUWLFXODU�WKDW�LI�WKLV�LV�QRW�KHDUG��IXQHUDOV�PRUH�DQG�PRUH�ZLOO�EH�DOORFDWHG�RXWVLGH�RI�WKH�&KXUFK��DVWKLV� LV�EHFRPLQJ�D�FRQVFLRXV�FKRLFH�PDGH�E\�SHRSOH�ZKHQ�WKH\�SUH�SD\�WKHLU� IXQHUDO��RUIDPLOLHV�RSW�IRU�DQ�DOWHUQDWLYH�)XQHUDOV� DUH� DQ� LGHDO� YHKLFOH� IRU� JHQWOH� HYDQJHOLVP� DQG� WHDFKLQJ�� WR� KHOS� SHRSOH� ZKRPLJKW� IDFH� WKHLU� RZQ�PRUWDOLW\� IRU� WKH� ILUVW� WLPH�� WR� LQWURGXFH� WKH� XQFKXUFKHG� WR� *RG� RUUHLQWURGXFH� WKH� ODSVHG��DQG� WR� UHPLQG� WKH�FRPIRUWDEOH�� �$�GLUHFWRU�VDLG� WR�PH� ���� ³,W¶V� QRJRRG� WDONLQJ� DERXW� *RG¶V� LQILQLWH� ORYH� DQG� ZLVGRP� WR� VRPHRQH�� &KULVWLDQ� RU� RWKHUZLVH�ZKHQ�EXU\LQJ�D�FKLOG�RU�EDE\�RU�D�VXLFLGHG� ORYHG�RQH���7KH\�ZDQW�DQG�WKH\�QHHG�WR�KHDUOLIH� OLNH� LW� LV�� FRPIRUW� DQG� KRSH�� DQG� WKH\¶UH� QRW� KHDULQJ� LW�� � 7KH� FKXUFKHV� WKLQN� WKH\¶UHRIIHULQJ�LW��EXW�WKH\¶UH�QRW�� 0DNH�LW�UHOHYDQW��SHUVRQDO�DQG�XQGHUVWDQGDEOH�´$� FRPPRQO\� KHOG� ³FRQFHUQ´� LV� WKH� ³'RPLQR´� RU� ³&RS\FDW´� 6\QGURPH�� ZKHUHE\� \RXQJSHRSOH� HVSHFLDOO\�� ZLOO� FKRRVH� VXLFLGH� DV� D� ZD\� RXW� RI� D� GLIILFXOW� OLIH� EHFDXVH� SHHUV� RUUHVSHFWHG� KLJK� SURILOH� SXEOLF� ILJXUHV� VXFK� DV� PXVLFLDQV�� VLQJHUV� DQG� ILOP� VWDUV�� KDYHFKRVHQ� WKLV�RSWLRQ�� �<RXQJ�SHRSOH�QHHG� UHDVVXUDQFH� WKDW� WKH�ZRUOG� JHQHUDOO\�� DQG� WKHLUZRUOG� LQ�SDUWLFXODU�� LV�VWLOO�D�JRRG�SODFH���([DPSOHV�RI�WKLV�JRRGQHVV��IURP�QDWXUH�RU� IURPWKH�DFKLHYHPHQWV� RI� SHRSOH� WKH\� ZLOO� LGHQWLI\� ZLWK� DQG� DGPLUH�DGRUH�� FDQ� EH� JLYHQ� LQ� DVHUYLFH�DQG�PD\�HQFRXUDJH� IULHQGV�PRXUQLQJ�D� SHHU�ZKR�KDV� VXLFLGHG� WR� H[SORUH� RWKHURSWLRQV�LQ�UHVSRQVH�WR�WKH�VWUXJJOHV�WKH\�PD\�EH�KDYLQJ�LQ�OLIH�2YHU�DQG�DERYH�DQ\�IXQHUDO��PHPRULDO�RU�WKDQNVJLYLQJ�VHUYLFH�LQ�D�FKXUFK��IXQHUDO�SDUORXURU� DW� WKH� JUDYHVLGH�� LW� PD\� EH� DSSURSULDWH� DQG� LPSRUWDQW� WR� KROG� VRPH� IRUP� RI� JURXSJDWKHULQJ�DW�D�SODFH�WKDW�ZDV�DQ� LPSRUWDQW�SDUW�RI� WKH�GHFHDVHG¶V� OLIH�DQG�ZKHUH�DOO�RU�DVLJQLILFDQW�QXPEHU�RI�WKH�FRPPXQLW\�LQ�ZKLFK�WKH�GHFHDVHG�OLYHG�ZLOO�EH�VXIIHULQJ�IURP�WKHORVV���7KH�VHUYLFH�ZLOO�EH�DQ RSSRUWXQLW\� IRU� LQGLYLGXDO�PRXUQLQJ�� WKH� ODWWHU�DQ�RSSRUWXQLW\IRU�JURXS�PRXUQLQJ�DQG�KHDOLQJ���,�VSHDN�RI�VXFK�SODFHV�DV�VFKRROV��ZRUN�SODFHV��QXUVLQJKRPHV�DQG� UHWLUHPHQW� YLOODJHV�� VSRUWLQJ� DQG�RWKHU� FOXEV�� �'HSHQGLQJ�RQ� WKH� DJH� RI� WKHGHFHDVHG�� WKH�FLUFXPVWDQFHV�RI� WKH�GHDWK�DQG� WKH�SXEOLF�NQRZOHGJH�RI� ZKDW� KDSSHQHG�WKLV�FDQ�EH�YHU\�LPSRUWDQW� LI�QRW�HVVHQWLDO�IRU�DFTXDLQWDQFHV�RI�WKH�GHFHDVHG�WR�GHDO�DQGFRSH�ZLWK�WKH�GHDWK���)RU�H[DPSOH��HYHQ�3ULPDU\�6FKRRO�DJHG�FKLOGUHQ�VXLFLGH��EXW�VR�GRWKRVH�ZKR� DUH� HOGHUO\�� � 6XFK� D� JDWKHULQJ� KDV� LPSRUWDQFH� HYHQ� IRU� GHDWKV� WKDW� DUH� QRWVXLFLGHV��� ,W� LV�XVXDOO\�YDOXDEOH�WR�VSHQG�VRPH�WLPH�DW�VXFK�JDWKHULQJV�JLYLQJ�RSSRUWXQLW\IRU�PRXUQLQJ�SHHUV�WR�VKDUH�SHUVRQDO�VWRULHV�DQG�PHPRULHV�RI�WKH�GHFHDVHG���,I�WKH�JURXSLV�WRR�ODUJH��WKLV�FRXOG�EH�GRQH�LQ�VPDOOHU�JURXSV���,W�PD\�DOVR�EH�DSSURSULDWH�WR�GR�WKLV�DWVRPH�IXQHUDO�VHUYLFHV���,QGLYLGXDO�FRXQVHOOLQJ�VKRXOG�EH�PDGH�DYDLODEOH�IRU�DQ\�PHPEHUVRI�WKHVH�JURXSV��HYHQ�LI�RWKHU�UHVRXUFHV�RU�PRUH�TXDOLILHG�SHRSOH�QHHG�WR�EH�GUDZQ�XSRQ�)RU� VXLFLGHV�� DFNQRZOHGJPHQW� WKDW� HYHU\RQH� VXIIHUV� LV� LPSRUWDQW�� � &RQIURQW� WKLV�� � 8VHZRUGV�OLNH�WKH�IROORZLQJ��EXW�QRW�DOO�LQ�RQH�KLW�KXUW�� � DQJU\�� � VXIIHU�� � WULDO�� � ³ZK\´�� � DIUDLG�� � GLVEHOLHI�� � XQEHOLHI�� � SDLQ�� � SUHVVXUH�DORQH�� � VRUURZ�� � ORVW�� � XQIDLU�� � ³ZKHUH¶V� *RG"´�� � ³ZKDW¶V�LW�DOO�DERXW"´�� � VWUXJJOH�IUDLOW\���FRQIXVLRQ���UHJUHW���GHFLVLRQ���PL[HG�IHHOLQJV�����

Page 84: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

7HPSHU�WKHVH�ZLWK�ZRUGV�OLNH�UHOLHI���SHDFH���WKDQNIXO���UHDFK�RXW�� XQGHUVWDQG���VXSSRUW���KHDOLQJ���VKDUH��VRUURZ�PHPRULHV�� �TXHVWLRQ�HWF���� � HQFRXUDJHPHQW�� � FDUH�� � ORYH�� � UHPHPEHU�� �PHPRULHV�UHVROXWLRQ���IXWXUH��� OLIH���GLJQLW\���UHQHZ�� �VPLOH�� �VHH�PRUH�FOHDUO\�� �FKDOOHQJH�� �QREODPH���IRUJLYHQHVV���DFFHSWDQFH������7KH�XVH�RI�PXVLF��SRHWU\��OLWHUDWXUH�RU�RWKHU�DUWLVWLF�IRUPV�PD\�EH�LPSRUWDQW���,W�QHHGV�WR�EHUHFRJQLVHG� WKDW� &KULVWLDQ�PXVLF� DQG� OLWHUDWXUH�PD\� VRPHWLPHV� EH� OHVV� DSSURSULDWH� WKDQZHOO�NQRZQ� PHDQLQJIXO� VHFXODU� PXVLF�� � 0DQ\� ZKR� VXLFLGH� DUH� %DE\�ERRPHUV� RU� WKHLUFKLOGUHQ�ZKR�KDYH�JURZQ�XS�ZLWK�VHFXODU�PXVLF�DV�D�GRPLQDQW�IDFWRU���3DUW�RI�WKH�FDUH�ZHRIIHU� D� JULHYLQJ� IDPLO\� LV� WR� DOORZ� WKHP� WR� FKRRVH� IDYRXULWH� PXVLF� RI� WKH� GHFHDVHG� RUDSSURSULDWH�PXVLF�WKDW�VSHDNV�RI�WKHLU�OLIH�DQG�VWUXJJOHV�

³0HOORQ�&ROOLH�DQG�WKH�,QILQLWH�6DGQHVV´�����7KH�6PDVKLQJ�3XPSNLQV³)ULHQGV�ZLOO�EH�)ULHQGV´�����4XHHQ³6XPPHU�5DLQ´�����7RQ\�2¶&RQQRU³6RXO�WR�6TXHH]H´�����5HG�+RW�&KLOL�3HSSHUV³:LVK�\RX�ZHUH�KHUH´�����3LQN�)OR\G³6WDLUZD\�WR�+HDYHQ´�����/HG�=HSSOLQ���DOVR�UHFRUGHG�E\�RWKHU�DUWLVWV�³2QO\�2QH�5RDG´�����&HOLQH�'LRQ³7HDUV�LQ�+HDYHQ´�����(ULF�&ODSWRQ³3XUSOH�+D]H´�����-LPPL�+HQGUL[³7KH�*UHDW�6RQJ�RI�,QGLIIHUHQFH´�����%RE�*HOGRI³-DLOEUHDN´�����$&�'&³5LJKW�+HUH�ZDLWLQJ�IRU�<RX´���� 5LFKDUG�0DU[³)RU�WKH�*RRG�7LPHV´�����3HUU\�&RPR³%ODFN�%DOORRQV´�����0RQVWHU�0DJQHW9DULRXV�SLHFHV�E\�6OLP�'XVW\��+DUU\�6HDFRPEH��7KH�(DJOHV��:HOVK�&KRULVWHUV�RU&KRLUV��DQG�WKH�0RUPRQ�7DEHUQDFOH�&KRLU�6HH� WKH� UHVRXUFH� OLVW� DW� WKH�HQG�RI� WKH� OLWXUJLFDO� UHVRXUFHV� IRU� ERRNV� WKDW�PD\�SURYLGH� DSSURSULDWHPDWHULDO�IRU�XV���3DJH�����0UV� .D\H� 0LWFKHOO� LV� D� /D\� 3UHDFKHU� LQ� WKH� 8QLWLQJ� &KXUFK� LQ� $XVWUDOLD�� OLYLQJ� DW� &DPSHUGRZQ�9LFWRULD���+HU�VSHFLDOLVW�PLQLVWU\� LV� LQ�FRQGXFWLQJ�IXQHUDOV��PDQ\�RI�ZKLFK�DUH�IRU� IDPLOLHV�ZKHUH� WKHGH�FHDVHG�DUH� QRW� &KULVWLDQ� RU� DUH� ODSVHG� &KXUFK� DWWHQGHHV�� RU� ZKR�� IRU� RWKHU� UHDVRQV� �� GR� QRWGHVLUH�D�&KXUFK� VHUYLFH�� �6KH� LV�NHHQ� WR� HQVXUH� WKDW� WKH� ODQJXDJH�RI� KHU� VHUYLFHV� LV� VLPSOH�� VKHH[SODLQV� WKH� WKHRORJLFDO� FRQFHSWV� LQ� ODQJXDJH� WKDW� FDQ� EH� XQGHUVWRRG�� DQG� VKH� RIIHUV� KRSH� DQGHQFRXUDJHPHQW�WR�WKRVH�ZKR�DUH�PRXUQLQJ���6KH�DOVR�PDNHV�VWURQJ�XVH�RI�VWRU\��LQFOXGLQJ�%LEOLFDOVWRULHV��LQ�KHU�OLWXUJLHV�IRU�WKH�GHDG�

Page 85: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

:+$7�'2�3(23/(�:$17�72�+($5"�E\�D�PDQ��ZKR�KDG�D�EURWKHU�DQG�D�QLHFH�WDNH�WKHLU�RZQ�OLYHV�DERXW�WHQ�\HDUV�DSDUW�

,�WKLQN�WKDW�SHRSOH�ZDQW�WR�KHDU�WKDW�RXU�*RG�LV�D�JUDFLRXV�*RG�ZKR�GRHV�QRW�UHMHFW�SHRSOHZKR�FRPPLW�VXLFLGH�� � ,W� LV�QRW� DQ�XQIRUJLYDEOH� VLQ�� � ,Q�PDQ\�FDVHV�� LQFOXGLQJ�P\�EURWKHUDQG� QLHFH�� LW� LV� WKH� HQG� UHVXOW� RI� D� VHYHUH� GHSUHVVLYH� LOOQHVV�� � %XW� SHRSOH� QHHG� WR� EHUHDVVXUHG�3HRSOH�QHHG�WR�EH�UHOHDVHG�IURP�WKH�IHHOLQJV�RI�JXLOW�WKDW�DUH�VR�FRPPRQ�ZLWK�VXLFLGH��WKH³LI� RQO\´� V\QGURPH�� � ³,I� RQO\´� WKH\� KDG� GRQH� WKLV� RU� WKDW����� � ³,I� RQO\´� ZH� KDG� EHHQ� PRUHSHUVXDVLYH�RU�VXSSRUWLYH�����%RWK�P\�QLHFH�DQG�EURWKHU�KDG�PDGH�D�SUHYLRXV� DWWHPSW�DW� VXLFLGH�� VR� WKHLU� GHSUHVVLYHVWDWHV�KDG�EHHQ� LGHQWLILHG��EXW�WKDW�LV�QRW�DOZD\V�VR���6RPHWLPHV�VXLFLGH�FRPHV�RXW�RI�WKHEOXH��EXW�IURP�P\�REVHUYDWLRQ�WKH�JXLOW�IHHOLQJV�DUH�RIWHQ�VWLOO� WKHUH���³,I�RQO\´�ZH�KDG�UHDGWKH�VLJQV��LW�LV�REYLRXV�QRZ�ZK\�V�KH�GLG�VXFK�DQG�VXFK��EXW�EHLQJ�DEOH�WR�UHDG�WKH�VLJQV�LQUHWURVSHFW�GRHV�QRW�PHDQ�WKDW�LW�ZDV�SRVVLEOH�IRU�WKHP�WR�EH�UHDG�EHIRUH�WKH�HYHQW�6RPHWLPHV� WKH� IHHOLQJ� RI� JXLOW� ZLOO� UHVXOW� IURP� D� SHUVRQ� EHOLHYLQJ� WKH\� DUH� GLUHFWO\UHVSRQVLEOH�IRU�WKH�VXLFLGH�KDSSHQLQJ�$�JUDGH�VL[�FKLOG� LQ�P\�DUHD�GLG�VRPHWKLQJ�KH�VKRXOG�QRW�KDYH�GRQH�RQ�KLV� IDPLO\� IDUPZKLOVW� KLV� SDUHQWV� ZHUH� DEVHQW�� � +LV� ROGHU� EURWKHU�� PHDQLQJ� QR� KDUP� EXW� WR� VWUHVV� WKHJUDYLW\�RI�KLV�IRROLVK�DFWLRQ��VDLG���µ'DG��ZLOO�NLOO�\RX�IRU�GRLQJ�WKDW�¶�� 7KH�ER\�ZHQW�RXW�DQGGLG�LW�KLPVHOI�0\�EURWKHU¶V�ZLGRZ�ZRXOG�VD\�WKDW�WKHUH�LV�DOVR�DQ�DWWLWXGH�WKDW�VXLFLGH� LV�FRQWDJLRXV��DQGSHRSOH� WKHUHIRUH�DYRLG�\RX��� ,�ZDV� UDWKHU�VFHSWLFDO�DERXW� WKLV�� WKLQNLQJ�UDWKHU� WKDW�SHRSOHGLGQ¶W� NQRZ� ZKDW� WR� VD\�� � %XW� VKH� TXRWHG� DQ� H[DPSOH� RI� SHRSOH� SODQQLQJ� WR� JR� DVPLVVLRQDULHV�ZLWK�D�SDUWLFXODU�FKXUFK�DQG� WKH� IDPLO\�KLVWRU\�EHLQJ�FKHFNHG� WR�HQVXUH� WKDWWKHUH�ZHUH�QR�VXLFLGHV�DQG�WKDW�³WKH�IDPLO\�ZDV�VWDEOH�´��:KHWKHU�SHRSOH�KDYH�WKLV�DWWLWXGH�RU�ZKHWKHU�WKH\�MXVW�GRQ¶W�NQRZ�ZKDW�WR�VD\��WKH\�QHHG�WR�KHDU�ZRUGV�WKDW�ZLOO�KHOS�WKHP�LQWKHLU�UHVSRQVHV�WR�DQG�VXSSRUW�RI�WKH�IDPLO\�RI�WKH�RQH�ZKR�KDV�VXLFLGHG�

Page 86: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

([WUDFWV�IURP�)XQHUDO�6HUYLFHVIRU�WKRVH�ZKR�KDYH6XLFLGHG7KH� IROORZLQJ�DUH� H[WUDFWHG� IURP� D� QXPEHU� RI� VHUYLFHV� FRQGXFWHG� IRU� SHRSOH� ZKR� KDYHVXLFLGHG��SUHSDUHG�DQG�OHG�E\�3KLOLS�&KULVWLDQ��D�%DSWLVW�PLQLVWHU�ZKR�ZRUNV�DV�D�&HOHEUDQWLQ�WKH�2FHDQ�*URYH�DQG�*HHORQJ�DUHDV�RI�9LFWRULD���1R�QDPHV�DUH�XVHG�DQG�LW�LV�LQWHQGHGWKDW�QHLWKHU�WKH�GHFHDVHG�QRU�WKHLU�ORYHG�RQHV�DUH�LGHQWLILHG�3KLOLS�XVHV�KHDGLQJV�WKDW�LQGLFDWH�ZKDW�KH�LV� WU\LQJ�WR�VD\�DQG�GR�DW�YDULRXV�SRLQWV�LQ�WKHVHUYLFHV�� DV�ZHOO� DV� WKH�PRUH� WUDGLWLRQDO� RQHV� XVHG� LQ� IXQHUDO� VHUYLFHV�� � 7KHVH� LQFOXGH�³*ULHI´�� � ³$ERXW� *ULHI´�� � ³5HVSRQVHV� LQ� *ULHI´�� � ³)LQGLQJ� 3XUSRVH´�� � ³([SODQDWLRQ´�³6WUXJJOHV´���³*DWKHULQJ�RI�RXU�*ULHI�DQG�4XHVWLRQV´���³0HPRULHV´���³$QJXLVK��´�5HIOHFWLQJ�WKH�DJH�DQG�LQWHUHVWV�RI�WKH�GHFHDVHG��3KLOLS�IUHTXHQWO\�XVHV�VHFXODU�PXVLF�WKDWLV�WKH�GHFHDVHG¶V�IDYRXULWH�DQG�RU�DSSURSULDWH�WR�WKH�OLIH�RI�WKH�GHFHDVHG��QRW�RQO\�WR�SOD\EXW�WR�HVWDEOLVK�WKHPHV�IRU�WKH�VHUYLFH�DQG�H[SODQDWLRQ�RI�WKH�MRXUQH\�WKURXJK�OLIH�WKDW�KDVEHHQ�WDNHQ�,W�LV�DOVR�FOHDU�E\�DSSUHFLDWLYH�OHWWHUV�IURP�IDPLO\�PHPEHUV��WKDW�3KLOLS�VSHQGV�D�ORW�RI�WLPHZLWK�WKH�IDPLO\�LQ�SUHSDUDWLRQ�IRU�WKH�VHUYLFH��JHWWLQJ�WR�NQRZ�WKHP�DQG�WKH�ORYHG�RQH�WKH\KDYH�WUDJLFDOO\�ORVW��DQG�TXLFNO\�EHFRPHV�D�FORVH�IULHQG�DQG�FRQILGDQW�

Page 87: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

:(/&20(���,1752'8&7,21�:H�DUH�KHUH�WRGD\�EHFDXVH�11�KDV�GLHG���:H�KDYH�EHHQ�MROWHG��VKRFNHG�DQG�VKDNHQ�E\KLV�KHU�GHDWK�*DWKHULQJ�LQ�WKLV�ZD\��ZH�DFNQRZOHGJH�WKH�LPSDFW�KLV�KHU�GHDWK�KDV�XSRQ�XV��DOHUWLQJ�XVWR�WKH�IUDJLOLW\�RI�OLIH�DQG�WKH�ODFN�RI�FHUWDLQW\�ZH�KDYH���,Q�1¶V�GHDWK�ZH�IDFH�WKH�UHDOLW\�RIRXU�RZQ�PRUWDOLW\���7KLV� LV� D� WLPH� WR� ILQG� FRPIRUW� DQG� VXSSRUW�� WR� EH� KHOSHG� LQ� D� JULHI� ZKLFK� WKUHDWHQV� WRRYHUZKHOP� XV�� � $� WLPH� IRU� H[SUHVVLQJ� WKH� IHHOLQJV� WKDW� KDYH� FRPH� WR� XV� LQ� D� QHZ� DQGIRUFHIXO�ZD\�:H� WXUQ� WR� HDFK� RWKHU�� NQRZLQJ� WKDW� DV� IHOORZ�PRXUQHUV� DQG� DV� KXPDQ� EHLQJV�� ZH� DUHYXOQHUDEOH�WR�IHDUV�DQG�VWUXJJOHV�DQG�DQ[LHWLHV�6FRWW�3HFN�ZURWH�³2IWHQ�WKH�PRVW�ORYLQJ�WKLQJ�ZH�FDQ�GR�ZKHQ�D�IULHQG�LV�LQ�SDLQ�LV�WR�VKDUH�WKH�SDLQ��WR� EH� WKHUH� HYHQ� ZKHQ� ZH� KDYH� QRWKLQJ� WR� RIIHU� H[FHSW� RXU� SUHVHQFH� DQG� HYHQZKHQ�EHLQJ�WKHUH�LV�SDLQIXO�WR�RXUVHOYHV�´7KHVH�ZRUGV�DUH�VR�DSSURSULDWH�EHFDXVH�WKH\�WHOO�XV�WKDW�JULHI�LV�KDQGOHG�EHWWHU�ZKHQ�LW�LVVKDUHG��DQG�WKDW� WKHUH�DUH�QR�HDV\�ZD\V��PDQ\�XQDQVZHUHG�TXHVWLRQV�DQG�PDQ\�PL[HGIHHOLQJV�� � :H� ZLOO� EH� DZDUH� RI� RXU� UHJUHWV� DQG� GLVDSSRLQWPHQWV�� IUXVWUDWLRQ�� DQJHU�ELWWHUQHVV�DQG�VRUURZ� ��DOO�QDWXUDO� �� HPSWLQHVV�� FRQIXVLRQ�� QXPEQHVV�� � <HW� WKHUH� LV� DOVRORYH��ORQJLQJ�DQG�DSSUHFLDWLRQ�IRU�1�:H�DUH�KHUH� WKLV�DIWHUQRRQ�EHFDXVH�11�KDV�GLHG�� �$QG� LQ�KLV�KHU�GHDWK� WKHUH�DUH�PDQ\TXHVWLRQV��IHHOLQJV�DQG�LQIOXHQFHV�XSRQ�RXU�OLYHV���:H�FRPH�KHUH�ZLWK�RXU�RZQ�VWUXJJOHV�FRQIXVLRQ��DQG�ORQJLQJV�:H�ZDQW�WKLV�WR�EH�D�WLPH�WR�FHOHEUDWH�1¶V�OLIH��WR�DGGUHVV�RXU�IHDUV��WR�FRPPLW�KLP�KHU�WRUHVW�DQG�SHDFH�DQG�ILQG�FRPIRUW�DQG�SXUSRVH�IRU�RXUVHOYHV�<RXU�KHDGV�KDYH�EHHQ�VSLQQLQJ�ZLWK�VR�PDQ\�TXHVWLRQV�DQG�WKRXJKWV���6R�PDQ\�WLPHV�ZHKDYH�KHDUG�WKHVH�ZRUGV�³:KDW�LI´���³:KDW�LI�WKLV�KDG�EHHQ�VDLG�RU�WKDW�"´%XW�WRGD\�DERYH�DOO�ZH�QHHG�WR�KDYH�D�KHDY\�ORDG�OLIWHG�RII�RXU�EDFNV��ZH�GR�QRW�QHHG�WREHDW�RXUVHOYHV�DERXW� WKH�KHDG�� ���� ,W� LV�VR�HDV\�WR�JHW� WUDSSHG� LQWR� WKLQNLQJ� ���� ³,�VKRXOGKDYH�GRQH�WKLV´��RU��³,�VKRXOG�KDYH�GRQH�WKDW�´��$QG�OLNHZLVH�DOO�WKH�WKLQJV�,�VKRXOG�QRW�KDYHVDLG�RU�GRQH�«$V� 1� PDGH� D� FKRLFH� WKDW� VKRFNHG�� VWXQQHG� DQG� GLVPD\HG� XV� DOO�� VR� ZH� FDQ� PDNH� DFKRLFH���QRW WR�FDUU\�XQQHFHVVDU\��JXLOW�QRW WR�EODPH�RXUVHOYHV�DQG�RWKHUV�QRW WR�GHVSDLU�RI�RXU�RZQ�OLIH�:H�FDQ�UHVROYH�WR�WDNH�HDFK�GD\�DV�LW�FRPHV�DV�D�JLIW��WR�GLVFRYHU�VRPHWKLQJ�QHZ�DQG�WRRIIHU�ZKDW�ZH�KDYH�WR�RWKHUV�IRU�WKHLU�JURZWK�

Page 88: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

6758**/(6�,Q�RXU�WLPH�WRJHWKHU�WKLV�DIWHUQRRQ��LW�LV�LPSRUWDQW�WR�EH�WUXH�WR�1��WR�UHPHPEHU�KLP�KHU�DVV�KH�ZDV�DQG�WR�EH�RSHQ�ZLWK�RXUVHOYHV�$V�RXU�PDQ\�HPRWLRQV��ZKLFK�FKXUQ�DURXQG�ZLWKLQ�XV�QHHG�WR�EH�DFNQRZOHGJHG�DQG� WKHSDWK�WKURXJK�JULHI��ZKLFK�LV�ORQJ�DQG�KDUVK��LV�WR�OHW�\RXUVHOI�EH�\RXUVHOI�:H�KDYH�QRWKLQJ�WR�SURYH��H[FHSW�WKDW�ZH�DUH�ZRXQGHG�DQG�LQ�RXU�ZRXQGHGQHVV�ZH�DUH�LQVROLGDULW\�ZLWK�RWKHUV�ZKR�PRXUQ�*$7+(5,1*�2)�285�*5,()�$1'�48(67,216� �,Q�WKH�IRUP�RI�D�SUD\HU��:H�GR�QRW�XQGHUVWDQG�ZKDW�KDG�KDSSHQHG���2U�ZKDW�LV�KDSSHQLQJ�WR�XV���$OO�ZH�NQRZ� LVWKDW�WKH�ZRUOG�ZLOO�QHYHU�EH�WKH�VDPH�:H�IHHO�)ULJKWHQHG���IRU�RXU�VHQVH�RI�VHFXULW\�KDV�EHHQ�VKDWWHUHG���$QG�RXU�FRQILGHQFH�VKDNHQ�:H�IHHO�/RVW�±)RU�ZH�DUH�WRUPHQWHG�E\�FRXQWOHVV�TXHVWLRQV�³:K\"´³:K\�GLG�LW�KDYH�WR�EH�WKLV�ZD\"´³:KDW�PRUH�FRXOG�KDYH�EHHQ�GRQH"´:H�IHHO�$Q[LRXV��:H�UHDOO\�GRQ¶W�NQRZ�LI�ZH�KDYH�JRW�ZKDW�LW�WDNHV�WR�JHW�WKURXJK�WKLV�&DQ¶W�ZH�UXQ��KLGH��SUHWHQG�WKDW�DOO�LV�ZHOO�":H�IHHO�$QJU\��6XUHO\�ZH�GRQ¶W�GHVHUYH�WR�EH�SXW�LQ�WKLV�SRVLWLRQ���:H�GRQ¶W�GHVHUYH�WR�VXIIHU�OLNH�WKLV�:H�IHHO�7HQVH��KDUGHQHG�E\�WKH�EORZV��WKH�GHVSDLU��WKH�ORVV�:H�IHHO�/RQHO\��(YHQ�VXUURXQGHG�E\�RWKHUV��ZH�IHHO�FXW�RII���$QG�LQ�LW�DOO�ZH�IHHO�FULSSOHG�E\�KHOSOHVVQHVV�,W�KDV�KDSSHQHG�DQG�WKHUH�VHHPV�WR�EH�QRWKLQJ�ZH�FDQ�GR�RU�VD\�WR�PDNH�RQH�VSHFN�RIGLIIHUHQFH�WR�WKLV�DJRQ\�0D\�ZH�LQ�DFNQRZOHGJLQJ�RXU�SDLQ��RXU�IHDUV��FRQIXVLRQ��DQ[LHW\��KHOSOHVVQHVV��ORQHOLQHVV�IHHOLQJV� RI� UHJUHW� DQG� DQJHU� DQG� ELWWHUQHVV�� DOVR� EHJLQ� WR� GLVFRYHU� OLJKW� DQG� KRSH� DQGSHDFH��IRUJLYHQHVV�DQG�D�VHQVH�RI�UHQHZDO�,Q�DOO� WKH�SDLQ�DQG�TXHVWLRQV�RI�JULHI�� OHW� XV� ILQG� FRPIRUW�� FRPSDQLRQVKLS�� V\PSDWK\�DQGVWUHQJWK�DQG�FRXUDJH�WR�FRQWLQXH� $0(1�

Page 89: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

),1',1*�385326(�)RU�XV�WR�JR�RQ�ZH�QHHG�WR�DGGUHVV�IRU�RXUVHOYHV�WKH�WKLQJV�WKDW�ERWKHU�XV���:H�IRFXV�RQRXU�PHPRULHV�DQG�WKHVH�FDQ�HQFRXUDJH�XV���:H�IRFXV�RQ�RXU�UHJUHWV�DQG�RXU�UHVHQWPHQWVDQG�OHDUQ�WR�OHW�JR�RI�WKRVH�WKLQJV�ZKLFK�FDQQRW�KHOS�XV�:H�ZLOO�QHYHU�IXOO\�XQGHUVWDQG�ZK\�1�WRRN�WKDW�ODVW�VWHS�WR�HQG�KLV�KHU�OLIH��EXW�IRU�RXU�RZQKHDOWK�ZH�QHHG�WR�IRUJLYH�KLP�KHU�DQG�RXUVHOYHV�DQG�RWKHUV���:H�FDQQRW�ELQG�RXUVHOYHV�XSRU�WRUPHQW�RXUVHOYHV�ZLWK�WKRVH�QDJJLQJ�TXHVWLRQV�RU�³ZKDW�LI¶V´�$QG�RQH�WKLQJ�ZH�FDQ�GR�LV�WR�WDNH�IURP�1¶V�OLIH�WKH�JRRG�DQG�WKH�EHQHILFLDO��WKRVH�DVSHFWVRI�KLV�SHUVRQDOLW\�WKDW�RXU�FRPPXQLW\��RXU�ZRUOG��QHHGV��DQG�WR�PDNH�WKHP�RXU�RZQ�/,)(¶6�&+$//(1*(�/LIH�LV�DQ�DGYHQWXUH�RU�LW�LV�QRW�OLYLQJ�7KHUH�LV�ULVN�LQ�PRVW�WKLQJV�ZH�GR�7KH�ULVN�RI�UHMHFWLRQ�7KH�ULVN�RI�EHLQJ�PLVXQGHUVWRRG�6R�ZH�ZHLJK�LW�XS�:H�PDNH�D�GHFLVLRQ�EDVHG�RQ�LWLW¶V�PHDQLQJ�DQG�LPSRUWDQFH�WR�XV�:H�JR�LQ�SXUVXLW�RI�RXU�JRDOV��KREELHV��UHFUHDWLRQEHFDXVH�RI�WKH�EHQHILWV��EXW�WKHUH�DUH�ULVNV�1RWKLQJ�FRPHV�ZLWKRXW�D�FRVW�,Q�WKH�SURFHVV��VRPH�WKLQJV�DUH�ORVW�:KDW�SHRSOH�PDNH�RI�XV�LV�RQO\�3HUFHSWLRQ�2QH�VHHV�LW�RQH�ZD\�$QRWKHU�KDV�DQRWKHU�SHUVSHFWLYH�RU�VODQW�,Q�WKH�HQG��LW�LV�RQO\�RQH�RSLQLRQ�WKDW�FRXQWV���\RXU�RZQ�<RX�KDYH�WR�KDYH�WKH�FRXUDJH�WR�EH�1RW�WR�EH�PRXOGHG�RU�SXVKHG�LQWR�DQRWKHU¶V�LGHDO�35$<(56�+HOS� XV�� *RG�� LQ� WKLV� WLPH� ZKHQ� RXU� IHHOLQJV� DUH� RQ� HGJH�� ZKHQ� ZH� DUH� XQVXUH� DQGXQVWHDG\�+HOS�XV�WR�NQRZ�ZKHQ�-HVXV�VSRNH�RI�<RXU� ORYH� IRU�DOO�SHRSOH��+H�VKRZHG�WKDW� ORYH�ZLOOQHYHU�EH�ZLWKGUDZQ�IURP�1�RU�IURP�XV�<RX�ZUHVWOHG�ZLWK�TXHVWLRQV�RI�OLIH�DQG�GHDWK�LQ�*HWKVHPDQH��KHOS�XV�WR�NQRZ�WKDW�\RX�GRXQGHUVWDQG�DQG�WKDW�\RX�DUH�SUHVHQW�ZKHUH�WKHUH�LV�DQJXLVK�RI�PLQG�:RXOG�\RX�EULQJ�WR�WKLV�JDWKHULQJ�WRGD\SHDFH�LQ�RXU�WXUPRLO�OLJKW�LQ�RXU�GDUNQHVV�MR\�LQ�RXU�VRUURZ�DQG�WKH�KRSH�RI�D�IXOOHU�OLIH� $0(1�

Page 90: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

:H�FRPH�ZLWK� FORXGHG�PLQGV� DQG�PL[HG�HPRWLRQV�� �:H� FRPH�EHFDXVH�ZH� QHHG� WR� EHKHUH���)RU�RXUVHOYHV��IRU�RQH�DQRWKHU��IRU�1���:H�DUH�GLIIHUHQW��\HW�WKH�VDPH���:H�ORRN�IRUKHOS�� DQG� IRU�PHDQLQJ�DQG�ZH�ZDQW� WKDW� WKLQJV�PD\�EH��PD\�KDYH�EHHQ�GLIIHUHQW�� � ,W� LVWRXJK�EHFDXVH�ZH�VHH�RXU�VHQVH�RI�KHOSOHVVQHVV���:LWK�WKH�UHDOLW\�WKDW�FRQIURQWV�XV��JLYHXV�WKH�UHVRXUFHV�QRW�WR�PRXWK�JOLE�DQVZHUV��QRW�WR�EH�LPSHUYLRXV��UHVLVWDQW��EXW�WR�GLVFRYHUWKDW�1�KDV�IRXQG�SHDFH�IURP�WXUPRLO��DQG�UHOLHI�IURP� LQWHUQDO�SDLQ���$QG�IRU�XV��KHOS�XV�WRILQG� DQRWKHU� SDWK� WKURXJK� WKH� GHQVH� XQGHUJURZWK� HQFURDFKLQJ� XSRQ� XV�� WR� D� FOHDULQJ�WKHQFH� WR� UHVROYH� WR� OLYH� DV� IUHH�SHRSOH�� ZLWK� YDOXH�DQG�KRSH�DQG�SXUSRVH�� �+HOS� XV� WRGHOLEHUDWHO\�EXLOG�WKDW�LQ�RQH�DQRWKHU� $0(1�+HUH�WRGD\�ZH�FU\�RXW�LQ�RXU�JULHI�DQG�SDLQ�:H�FRPH�ZLWK�RXU�IHDUV�DQG�GRXEWV�DQG�TXHVWLRQV�:H�DUH�IHDUIXO�IRU�RXUVHOYHV�DQG�IRU�WKRVH�ZH�UHDOO\�FDUH�DERXW�$IUDLG�RI�EHLQJ�ORVW�DQG�ZLWKRXW�KRSH�RU�GLUHFWLRQ�/RVW�LQ�GHVSDLU�DQG�D�SDLQ�WRR�JUHDW�WR�EHDU�)HDU�OLNH�SDQLF�RYHUFRPHV�XV�$QG�ZH�GRQ¶W�XQGHUVWDQG��QRU�GR�ZH�NQRZ�MXVW�ZKHUH�WR�WXUQ�LQ�VKRFN�ZH�VWXPEOH�DERXW�7KLV�LV�ZK\�ZH�FU\�RXW��:H�VFUHDP�ZLWKLQ�WKDW�LW�LV�µQRW�IDLU¶�7KDW�ZH�GRQ¶W�GHVHUYH�WR�VXIIHU�OLNH�WKLV$QG�ZH�ZDQW�WR�FORVH�RXU�H\HV�WR�VKXW�LW�RXW�:KHQ�VR�PDQ\�IHHOLQJV�ZDVK�RYHU�XV�:KHQ�WKHUH�LV�VR�PXFK�IHDU��DQJHU��DQ[LHW\��UHJUHW�DQG�KHOSOHVVQHVV�ZH�ORRN�IRU�D�KHOSLQJ�KDQG�6R�WKDW�ZH�PD\�NQRZ�ZH�DUH�QRW�DORQHDQG�WKDW�ZH�PD\�ILQG�UHVRXUFHV��DQ\ZKHUH�LQ�RXUVHOYHV��LQ�RQH�DQRWKHU��LQ�<RX���7R�JLYH�XV�SXUSRVH�IRU�OLYLQJ� $0(1�$�0(66$*(�$W�&KULVWPDV�WLPH��&KULVWLDQV�FHOHEUDWH�WKH�ELUWK�RI�-HVXV�±�(PPDQXHO���*RG�ZLWK�XV���7KHEDE\�JUHZ�DQG�KLV�ZLVGRP�JXLGHV�PDQ\�WRGD\�,W�ZDV�+H�ZKR�WROG�D�VWRU\�WR�VKRZ�ZK\�*RG�LV�WKHUH�DPRQJVW��ZLWK��WKH�QRQ�FKXUFK�JRHUV�WKH�EDWWOHUV��WKH�SHRSOH�RI�GRXEWIXO�UHSXWDWLRQ�+H�VSRNH�RI�D�VRQ�ZKR�WRRN�RII�IURP�KRPH��FXW�RII�FRQWDFW�ZLWK�KLV�PXP�DQG�GDG�DQG WULHGRXW�DOO�VRUWV�RI�QHZ�H[SHULHQFHV���%XW�DIWHU�D�ZKLOH�LW�DOO�WXUQHG�VRXU�DQG�KH�GHFLGHG�WR�JREDFN�KRPH���:K\�GLG�KH�WKLQN�WR�JR�EDFN""+H�NQHZ�GHHS�GRZQ��WKDW�ZKLOH�KH�KDG�UHMHFWHG�DOO�WKDW�KRPH�UHSUHVHQWHG��KH�KLPVHOI�KDGQRW�EHHQ�UHMHFWHG���+H�NQHZ�WKDW�KH�FRXOG�DOZD\V�JR�EDFN�7KH� TXDOLWLHV� RI� *RG� ZKLFK� -HVXV� ZDQWHG� XV� WR� VHH� �� FRPSDVVLRQ�� XQGHUVWDQGLQJ�IRUJLYHQHVV�DQG�DFFHSWDQFH���DUH�DOO�WKHUH�

Page 91: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

+H�ZDV�ORVW���QRZ�KH�LV�IRXQG���LV�WKH�JLVW�RI�WKH�VWRU\�1�NQHZ�WKLV�DFFHSWDQFH�KHUH��$V�KH�JRHV�EDFN��EDFN�WR�KLV�*RG��ZH�EHOLHYH�WKDW�DOO�LV�UHVROYHG���7KH�SDLQ�LV�WDNHQ�DZD\�WKH�FRQIXVLRQ�SXW�WR�UHVW��WKH�UHVWOHVVQHVV�SXW�WR�IOLJKW�$V�KLV�IDPLO\�GLG�QRW�WXUQ�WKHLU�EDFNV�RQ�KLP��VR�WKH�*RG�RI�-HVXV�LV�QRW�RQH�WR�WXUQ�IURP�XVLQ�RXU�QHHG��IRU�KH�XQGHUVWDQGV�RXU�FRQGLWLRQ��RXU�HPRWLRQV��RXU�VWUXJJOHV��DQG�LV�WKHUH�IRUXV�QRZ�LQ�WKH�IXWXUH�%/(66,1*�/RUG��VXSSRUW�XV�E\�\RXU�JUDFH�7KURXJK�DOO�WKH�KRXUV�RI�OLIH¶V�GD\8QWLO�WKH�VKDGRZV�OHQJWKHQ�7KH�EXV\�ZRUOG�LV�KXVKHG�7KH�IHDU�RI�OLIH�LV�RYHU�$QG�WKH�HYHQLQJ�FRPHV�7KHQ��/RUG��LQ�\RXU�PHUF\�JUDQW�XV�D�VDIH�ORGJLQJ�D�KRO\�UHVW��DQG�SHDFH�DW��WKH�ODVW� $0(1�

Page 92: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

6HUYLFH�RI5HPHPEUDQFH�DQG�+HDOLQJ7KH�UHPHPEUDQFH�RI� ORVW� ORYHG�RQHV� LV�SDUWLFXODUO\�GLIILFXOW�DW� WLPHV�RI� MR\�ZKHQ� IDPLOLHVDUH� RIWHQ� WRJHWKHU�� VXFK�DV� ELUWKGD\V��&KULVWPDV� DQG�DQQLYHUVDULHV�� � $� OLWXUJ\� FDQ� EH� DKHDOLQJ�H[SHULHQFH�IRU�SHRSOH�DW�VXFK�WLPHV�7R�DVVLVW� WKRVH�JULHYLQJ� ORYHG�RQHV��/D\�$VVLVWDQW��-HQQ\�6WHSKHQV��XVHG�WR�FRQGXFW�DQDQQXDO� 5HPHPEUDQFH� 6HUYLFH� MXVW� EHIRUH� &KULVWPDV� WLPH� LQ� WKH� FKXUFK� DW� ZKLFK� VKHPLQLVWHUHG��WKH�8QLWLQJ�&KXUFK�LQ�$XVWUDOLD�DW�WKH�9LFWRULDQ�UXUDO�WRZQ�RI�'HUULQDOOXP�7KH� IROORZLQJ� VHUYLFH� LV� D� FRPELQDWLRQ� RI� WZR� RI� WKHVH� VHUYLFHV� FRQGXFWHG� LQ� ����� DQG�������6KH�KDV�XVHG�VRPH�PDWHULDO�IURP�DQ�$OIUHG�+RVSLWDO��0HOERXUQH��VHUYLFH�DQG�IURPD�SXEOLFDWLRQ�E\�WKH�&RPSDVVLRQDWH�6LVWHUV�

Page 93: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

&$//�72�:256+,3�$V�ZH�FHOHEUDWH�WKLV�VHUYLFH�WRJHWKHU�PD\�ZH�ILQG�VSDFH�WR�UHPHPEHU�WR�JULHYH��WR�VHHN�UHFRQFLOLDWLRQ�ZLWK�IDPLO\�DQG�IULHQGV��WR�EH�FRPIRUWHGDQG�WR�EH�KHDOHG��WR�ILQG�KRSH�

*$7+(5,1*�35$<(5�/RYLQJ�*RG�(DFK�RI�XV�LV�KHUH�WRQLJKWEHFDXVH�ZH�IHHO�WKH�QHHG�WR�UHFRJQLVH�WKH�ORVV�RI�VRPHRQH�ZH�ORYH�7KHUH�LV�D�JDS�WKDW�KDV�EHHQ�OHIW�LQ�RXU�OLYHV�&RPH�FORVH�WR�XV�LQ�RXU�VRUURZ��ZH�SUD\�ZLWK�WKH�OLJKW�DQG�SHDFH�RI�\RXU�SUHVHQFH�:H�FRPH�ZLWK�PDQ\�GLIIHUHQW�IHHOLQJV�VDGQHVV�DQG�ORQHOLQHVV�KXUW�RU�UHJUHW�SHUKDSV�ZHDULQHVV��VWUHQJWK��DQJHU�UHOLHI��JUDWLWXGH��KRSH��WUXVW����3HUKDSV�D�UHQHZHG�KRSH�DQG�YLVLRQ�IRU�WKH�IXWXUH�$Q\�RU�DOO�RI�WKHVH�IHHOLQJV�PD\�VHHP�WR�RYHUZKHOP�XV�DW�WLPHV�$QG�VR�ZH�FRPH�WRJHWKHU�WR�VXSSRUW�HDFK�RWKHU�LQ�SUD\HU�DQG�VRQJ�DQG�ULWXDO�WR�UHPHPEHU�RXU�ORYHG�RQHV�ZKR�KDYH�GLHG�RU�DUH�ORVW�WR�XV�6XUURXQG�XV�ZLWK�\RXU�KHDOLQJ�ORYH��*UDFLRXV�*RG�DQG�LQ�RXU�PRVW�GLIILFXOW�PRPHQWV�KROG�XV�LQ�WKH�SDOP�RI�\RXU�KDQG� $0(1�

+<01� ³,W�3DVVHWK�.QRZOHGJH�7KDW�'HDU�/RYH�2I�7KLQH´µ7($56�$5(�7+(�3522)�2)�/,)(¶³+RZ�ORQJ�ZLOO�WKH�SDLQ�ODVW"´�D�EURNHQ�KHDUWHG PRXUQHU�DVNHG�PH�³$OO�WKH�UHVW�RI�\RXU�OLIH´��,�KDG�WR�DQVZHU�WUXWKIXOO\�:H�QHYHU�TXLWH�IRUJHW��QR�PDWWHU�KRZ�PDQ\�\HDUV�SDVV��ZH�UHPHPEHU�7KH�ORVV�RI�D�ORYHG�RQH�LV�OLNH�D�PDMRU�RSHUDWLRQ��SDUW�RI�XV�LV�UHPRYHGDQG�ZH�KDYH�D�VFDU�IRU�WKH�UHVW�RI RXU�OLIH�7KLV�GRHV�QRW�PHDQ�WKDW�WKH�SDLQ�FRQWLQXHV�DW�WKH�VDPH�LQWHQVLW\�7KHUH�LV�D�VKRUW�ZKLOH��DW�ILUVW�ZKHQ�ZH�KDUGO\�EHOLHYH�LW�,W�LV�UDWKHU�OLNH�ZKHQ�ZH�KDYH�FXW�RXU�KDQG��ZH�VHH�WKH�EORRG�IORZLQJ�EXW�WKH�SDLQ�KDV�QRW�VHW�LQ�\HW�6R�ZKHQ�ZH�DUH�EHUHDYHG��WKHUH�LV�D�VKRUW�ZKLOH�EHIRUH�WKH�SDLQ�KLWV�XV�%XW�ZKHQ�LW�GRHV��LW�LV�PDVVLYH�LQ�LWV�HIIHFW�*ULHI�LV�VKDWWHULQJ�7KHQ�WKH�ZRXQG�EHJLQV�WR�KHDO���,W�LV�OLNH�JRLQJ�WKURXJK�D�GDUN�WXQQHO�2FFDVLRQDOO\�ZH�JHW�JOLPSVHV�RI�OLJKW�DW�WKH�HQG�RI�WKH�WXQQHO��DQG�WKHQRQH�GD\�ZH�HPHUJH�LQWR�WKH�OLJKW���:H�DUH�DEOH�WR�ODXJK��WR�FDUH��WR�OLYH�7KH�ZRXQG�LV�KHDOHG��VR�WR�VSHDN��WKH�VWLWFKHV�DUH�WDNHQ�RXW�DQG�ZH�IHHO�ZKROH�DJDLQ�

Page 94: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

%XW�QRW�TXLWH���7KH�VFDU�LV�VWLOO�WKHUH�DQG�WKH�VFDU�WLVVXH�WRR���$V�WKH�\HDUV�JR�E\�ZH�PDQDJH�� �7KHUH�DUH� WKLQJV� WR�GR��SHRSOH� WR�FDUH� IRU�� WDVNV� WKDW�FDOO� IRU� IXOODWWHQWLRQ���%XW�WKH�SDLQ�LV�VWLOO� WKHUH��QRW� IDU�EHORZ� WKH�VXUIDFH�� �:H�VHH�D� IDFHWKDW�ORRNV�IDPLOLDU��KHDU�D�YRLFH�WKDW�KDV�HFKRHV��VHH�D�SKRWRJUDSK�LQ�VRPHRQH¶VDOEXP�� VHH� D� ODQGVFDSH� WKDW� RQFH� ZH� VDZ� WRJHWKHU�� DQG� LW� LV� DV� WKRXJK� WKHZRXQG�ZHUH�RSHQLQJ�XS�DJDLQ�� �%XW�QRW�VR�SDLQIXOO\�� �$QG�PL[HG�ZLWK� MR\� WRR�%HFDXVH� UHPHPEHULQJ� D� KDSS\� WLPH� FDQ� EULQJ� EDFN� KDSSLQHVV� ZLWK� LW� DQGPRGHUDWH�RXU�VRUURZ�DQG�VHQVH�RI�ORVV�³+RZ�ORQJ�ZLOO�WKH�SDLQ�ODVW"´��$OO�WKH�UHVW�RI�\RXU�OLIH���%XW�WKH�WKLQJ�WR�UHPHPEHULV�WKDW�QRW�RQO\�WKH�SDLQ�ZLOO� ODVW��EXW� WKH�EOHVVHG�PHPRULHV�DV�ZHOO�� �7HDUV�DUHWKH�SURRI�RI�OLIH�� �7KH�PRUH�ORYH��WKH�PRUH� WHDUV�� � ,I� WKLV�FDQ�EH�WUXH�� WKHQ�KRZFRXOG� ZH� HYHU� DVN� WKDW� WKH� SDLQ� FHDVH� DOWRJHWKHU"� � )RU� WKH� PHPRU\� RI� ORYHZRXOG�JR�ZLWK�LW��7KH�SDLQ�ZH�SD\�LV�WKH�SULFH�IRU�WKH�ORYH�

$XWKRU�XQNQRZQ35$<(5�/HDGHU /HW�XV�SUD\�3HRSOH� /RYLQJ�*RG��ZH�WKDQN�\RX�IRU�WKH�OLYHV�RI�WKRVHZH�FRPH�WR�UHPHPEHU�WRGD\�/� :H�WKDQN�\RX�IRU�WKH�SLFWXUH�RI�\RXU�ORYH�ZKLFK�KDV�EHHQ�JLYHQ�WR�XVLQ�WKHLU�OLYHV�DQG�IRU�DOO�WKDW�WKH\�KDYH�PHDQW�WR�XV�+HOS�XV�FRQWLQXDOO\�WR�HQWUXVW�WKHP�WR�\RXU�ORYLQJ�FDUH�DQG�SHDFH�3� +HOS�XV��*UDFLRXV�*RG��WR�FKHULVK�ZLWK�WUXH�WKDQNIXOQHVV�WKRVH�VKDUHG�H[SHULHQFHV�ZKLFK�QRWKLQJ�FDQ�WDNH�DZD\�0D\�WKH�ORYH�ZH�KDYH�NQRZQ�WRJHWKHU��DOZD\V�VKLQH�LQ�RXU�KHDUWV�/�� *LYH�XV�WKH�DVVXUDQFH�RI�\RXU�FRQVWDQW�FDUH�DQG�LQFUHDVH�RXU� WUXVW� LQ�\RX�DQGORYH�IRU�IDPLO\��IULHQGV�DQG�SHRSOH�HYHU\ZKHUH�3� *RG�RI�SHDFH��DV�ZH�SUD\�IRU�RXUVHOYHV�ZH�UHPHPEHU�DOVR�WKH�QHHGVRI�RWKHUV�DV�ZH�SUD\�IRU�RXU�WURXEOHG�DQG�QHHG\�ZRUOG�WKDW�WKH�KRUURUV�RI�LQMXVWLFH�DQG�ZDU�DQG�VXIIHULQJ�PD\�EH�WUDQVIRUPHGE\�WKH�SRZHUV�RI�ORYH��WROHUDQFH�DQG�FR�RSHUDWLRQ�/� +HOS�XV�WR�OLYH�WRJHWKHU�LQ�KDUPRQ\�DQG�EH�UHFRQFLOHG�ZKHQ�GLIIHUHQFHVDQG�KXUWV�DOLHQDWH�RU�GLYLGH���:H�JLYH�WKDQNV�IRU�DOO�ZKRVH�ORYH�DQG�VXSSRUW�KDVKHOSHG�XV�LQ�RXU�GLIILFXOW�WLPHV�3� *RG�RI�+RSH��JLYH�XV�JUDFH�WR�IDFH�WKH�IXWXUH�ZLWK�FRXUDJH��KRSH�DQG�VWUHQJWK�,Q�WKH�PLGVW�RI�RXU�JULHI�NHHS�XV�RSHQ�WR�WKH�SRVVLELOLWLHV�\RX�KDYH�IRU�XV�+HOS�XV�WR�YDOXH�WKH�SUHFLRXV�JLIW�RI�OLIH�DQG�HPSRZHU�XV�WR�JR�RXWDQG�OLYH�LQ�ORYH�

Page 95: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

7RJHWKHU /RYLQJ�*RG�� IUHH�XV� WR� OHDUQ� IURP� WKH�H[DPSOH�RI�RXU� ORYHG�RQHV�� WR� IROORZWKH�ZD\�WKH\�KDYH�VKRZQ�XV���$QG�PD\�ZH�NQRZ�\RXU�JUDFH��PHUF\�DQG�SHDFHLQ�RXU�OLYHV��QRZ�DQG�DOZD\V� $0(1�,DQ�0LOOHQG���&KDSODLQ��$OIUHG�+RVSLWDO���0HOERXUQH�

36$/0�����5()/(&7,21�35$<(5�

2�*RG��ZKR�WUDYHOV�ZLWK�XV�LQ�RXU�OLIH�<RX�NQRZ�XV�VR�ZHOO�DQG�WKH�EXUGHQ�ZH�FDUU\�)RU�VRPH�RI�XV�RXU�EXUGHQV�DUH�WRR�KHDY\�DQG�ZHLJK�XV�GRZQ�VHHPLQJO\�WRR�KHDY\�WR�FDUU\�)RU�RWKHUV�RXU�EXUGHQV�DUH�WKH�OLJKWHU�EXUGHQV�RI�PHPRU\��VRPHWLPHV�VDG���VRPHWLPHV�IXOO�RI�MR\�6WDQG�E\�XV�JHQWOH�&KULVW�DV�ZH�OD\�WKHVH�EXUGHQV�EHIRUH�\RX�$0(1�/,*+7,1*�2)�&$1'/(6�

7KH�FDQGOH�LV�WKH�VLJQ�RI�OLJKW��ZDUPWK�DQG�WKH�SRZHU�RI�WKH�+RO\�6SLULW�$V�ZH�OLJKW�RXU�FDQGOHV�PD\�ZH�VHH�WKH�OLJKW�RI�\RXU�6SLULW�VKLQLQJ�IRU�XV��OLJKWLQJ�RXU�ZD\�0D\�ZH�IHHO�WKH�ZDUPWK�RI�WKH�ORYH�RI�*RG�IRU�XV�0D\�ZH�EH�RSHQ�IRU�WKH�SRZHU�RI�WKH�6SLULW�WR�ZRUN�LQ�XV�,Q�OLJKWLQJ�D�FDQGOH��ZH�DOVR�DIILUP�WKDW�RXU�ORYHG�RQH�KDV�EHHQ�D�VRXUFH�RI�OLJKWLQ�RXU�OLIH�DQG�QRZ�OLYHV�LQ�WKH�HWHUQDO�OLJKW�RI�*RG�,Q�VLOHQFH�OHW�XV�VLW�DQG�RIIHU�RXU�WKRXJKWV�WR�\RX��*RG�DV�ZH�UHPHPEHU�VRPHRQH�GHDU�WR�XV�ZKR�LV�QR�ORQJHU�ZLWK�XVDQG�DV�ZH�ORRN�IRU�FRPIRUW�LQ�RXU�UHPHPEHULQJ�)ROORZLQJ�RXU�WLPH�RI�VLOHQFH��DV�PXVLF�LV�SOD\LQJ��IHHO�IUHH�WR�PRYH�IRUZDUG�DQGOLJKW�D�FDQGOH�IURP�WKH�&KULVW�FDQGOH��LQ�UHPHPEUDQFH�DQG�LQ�IDLWK�WKDW�*RG¶V�KHDOLQJ�6SLULW�FDQ�PRYH�LQ�XV�

�$IWHU�VLOHQFH�DQG�OLJKWLQJ�RI�FDQGOHV �*RG�VD\V���,�ZLOO�QHYHU�OHDYH�\RX�QRU�IRUVDNH�\RX�HYHQ�WR�WKH�HQG�RI�WLPH�� ,�ZLOOZDON�ZLWK�\RX�GRZQ�WKH�SDWKZD\V�RI�GHDWK�DQG�OHDG�\RX�WR�HWHUQDO�OLIH�

+<01���� ³-HVX�ORYHU�RI�P\�VRXO´��RU��³%URWKHU��VLVWHU�OHW�PH�VHUYH�\RX´

Page 96: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

%/(66,1*�0D\�WKH�*RG�RI�VWUHQJWK�EH�ZLWK�XV��KROGLQJ�XV�LQ�VWURQJ�DQG�JHQWOH�DUPV�$0(1�0D\�WKH�*RG�RI�FRPSDVVLRQ�EH�ZLWK�XV��KROGLQJ�XV�FORVHZKHQ�ZH�DUH�ZHDU\��KXUW�DQG�DORQH� $0(1�0D\�$OPLJKW\�*RG�EOHVV�XV��LQ�WKH�QDPH�RI�WKH�)DWKHU��DQG�RI�WKH�6RQ�DQG�RI�WKH�+RO\�6SLULW� $0(1�

7KH�IROORZLQJ�ZHUH�SULQWHG�RQ�WKH�IURQW�DQG�EDFN�RI�WKH�VHUYLFH�VKHHW��UHVSHFWLYHO\�

:KHQ�,�DP�JRQHIHDU�QRW�WR�VD\�P\�QDPHQRU�VSHDN�RI�PH�LQ�KXVK¶G�WRQHVDV�WKR¶�LW�ZHUH�D�VKDPH�IRU�RQH�WR�GLH�/HW�PH�ILJXUH�LQ�\RXU�GDLO\�ZDONVSHDN�RI�P\�ORYHV�DQG�KDWHV����5HPHPEHULQJ�WKH�ODXJKWHU����$QG�WKH�WHDUV����

7KLV�ZD\��,¶OO�EH�IRUHYHU�LQ�\RXU�PHPRU\�

6SLULW�RI�*RG�EHZLWKLQ�XV�WR�VWUHQJWKHQ�XVEH\RQG�XV�WR�GUDZ�XVRYHU�XV�WR�VKHOWHU�XVEHQHDWK�XV�WR�VXSSRUW�XVEHIRUH�XV�WR�JXLGH�XVEHKLQG�XV�WR�VWHDG\�XVURXQG�DERXW�XV�WR�VHFXUH�XV�$0(1�

Page 97: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

µ&DUULHG�IURP�WKH�ZRPE�WR�WKH�JUDYH¶��/LWXUJLHV�IRU�/DWH�0LVFDUULDJH�6WLOOELUWK�RU(DUO\�1HRQDWDO�'HDWK��5HY�'U��&ROOHHQ�2¶5HLOO\3DVWRUDO�1RWHV7KH�H[SHFWDWLRQ� WKDW� WKH�SURFHVVHV�RI�JHVWDWLRQ�DQG�ELUWK�ZLOO� UHVXOW� LQ� D�KHDOWK\�EDE\� LVQRZ�GHHSO\� LQJUDLQHG� LQ�PRGHUQ�FXOWXUH��PDNLQJ� WKH�GHDWK�RI�DQ�H[SHFWHG�FKLOG�ERWK�OHVVFRPPRQ�DQG�SRWHQWLDOO\�PRUH�GLIILFXOW�IRU�SDUHQWV��IDPLOLHV�DQG�IULHQGV�WR�DFFHSW���0HGLFDOWHFKQRORJ\�DQG�PRGHUQ�PHGLFDO�SUDFWLFH�DUH�YLHZHG�DV�UHOLDEOH�GHOLYHUHUV�RI�D�VXFFHVVIXORXWFRPH� WR� FRQFHSWLRQ�� �:KHQ�D�ZRPDQ�PLVFDUULHV��RU�D�EDE\� LV� ERUQ�GHDG�� WKH� ORVV� LVFRPSRXQGHG�E\�D�VHQVH�RI�KDYLQJ�EHHQ�OHW�GRZQ�E\�WKRVH�SURIHVVLRQDOV�ZKRVH�WDVN�LW�LV�WRSUHYHQW� VXFK� RFFXUUHQFHV�� � 0RUH� VLJQLILFDQWO\�� D� ZRPDQ�PD\� IHHO� OHW� GRZQ� E\� KHU� RZQERG\��SDUWLFXODUO\�LI�VKH�KDV�PLVFDUULHG�SUHYLRXVO\�,Q� RXU� SDWULDUFKDO� VRFLHW\�� D� ZRPDQ� LV� VWLOO� SULPDULO\� GHILQHG� IXQFWLRQDOO\� LQ� WHUPV� RI� KHUDELOLW\�WR�EHFRPH�D�PRWKHU���:KHQ�VKH�IDLOV�WR�DFFRPSOLVK�WKLV��D�ZRPDQ�PD\�IHHO�WKDW�KHULGHQWLW\�DQG�SHUVRQDO�ZRUWK�DUH�WKUHDWHQHG��LQFUHDVHG�PDULWDO�FRQIOLFW�DQG�WKH�GHYHORSPHQWRI�SV\FKLDWULF�GLVRUGHUV�LQ�ZRPHQ�DUH�WZR�SRVVLEOH�RXWFRPHV�RI�IDLOLQJ�WR�GHDO�DGHTXDWHO\ZLWK�WKH�JULHI�RI�WKHVH�HYHQWV����$�ZRPDQ�PD\�HYHQ�IHHO�KHUVHOI�WR�EH�SHUFHLYHG��QRW�DV�DEHDUHU�RI� OLIH��EXW�RI�GHDWK�� 3DUWLFXODU�FDUH� LV�QHHGHG� WR�HQDEOH�WKH�SDUHQWV�WR�QHJRWLDWHQRW� DFKLHYLQJ� WKHLU� DQWLFLSDWHG� SXUSRVH� RI� D� KHDOWK\� EDE\� LQ� D� FXOWXUH� JLYHQ� WRDFNQRZOHGJLQJ�VXFFHVV�DQG�GHQ\LQJ�IDLOXUH�)HHOLQJV�RI�ELWWHU�GLVDSSRLQWPHQW�DQG�DQJHU�DUH�OLNHO\�WR�DULVH���:RPHQ�DQG� WKHLU�SDUWQHUVPD\� HYHQ� IHHO� DEDQGRQHG�RU� µSXQLVKHG¶� E\�*RG� WKURXJK� WKHVH� HYHQWV�� � *XLOW� PD\� DULVHIURP�D�VHQVH�RI�IDLOLQJ�WR�KDYH�FDUHG�HIIHFWLYHO\�IRU�WKH�H[SHFWHG�EDE\��RU�IURP�QRW�IXOILOOLQJWKH�KRSHV� DQG�H[SHFWDWLRQV� RI� RWKHUV� LQ� WKH� IDPLO\�� �*ULHI�PD\� EH� VXSSUHVVHG� EHFDXVHZHOO�PHDQLQJ� IDPLO\�DQG� IULHQGV�XUJH�GHQLDO�RI� WKLV� ORVV�RQ� WKH�EDVLV� WKDW� µ\RX�DUH�\RXQJHQRXJK� WR� KDYH�DQRWKHU¶�� � )XUWKHU� FRPSOH[� IHHOLQJV� DUH� OLNHO\� WR� DULVH�� HVSHFLDOO\� LQ� WKHFDVH� RI� ILUVW� WLPH� SDUHQWV�� IURP� WKH� DPELJXLW\� RI� EHLQJ� EHUHDYHG� SDUHQWV� ZLWKRXW� HYHUKDYLQJ�EHHQ�SDUHQWV�7KLV� DPELJXLW\� RI� VWDWXV� PD\� H[WHQG� WR� WKH� FKLOG� ZKR� KDV� GLHG�� � 7KH� LGHQWLW\� RI� WKHPLVFDUULHG�RU�VWLOOERUQ�FKLOG�FDQ�EH�XQFOHDU���,V�WKH�VWLOOERUQ�D�µVRQ¶�RU�µGDXJKWHU¶�FDSDEOH�RIEHDULQJ� D� QDPH"� � 6XFK� TXHVWLRQV� FDQ� RQO\� EH� UHVROYHG� LQ� WDONLQJ� ZLWK� SDUHQWV�� � 7KHUHTXHVW�IRU�UHFRJQLWLRQ�RI�WKH�OLIH�ORVW�LQ�VRPH�ULWXDO�IRUP�LQYDULDEO\�FRPHV�DW�WKH�LQLWLDWLYH�RISDUHQWV�RU�UHODWLYHV��QRW�SDVWRUV�RU�FKDSODLQV��DFFRUGLQJ�WR�REVHUYHUV�� 2IWHQ�FRPLQJ�DV�DUHTXHVW� IRU� EDSWLVP�� ZKLFK� FDQ� EH� FRQGXFWHG� LQ� DQ� DSSURSULDWH�PDQQHU� IRU� D� OLYLQJ� EXWPRUWDOO\� LOO� FKLOG�� VXFK� D� UHTXHVW� QHHGV� FDUHIXO� UHIXVDO� ZKHQ� WKH� FKLOG� LV� DOUHDG\� GHDG��7KRVH� ZKR� DUH� EDSWLVHG� LQ� VXFK� FLUFXPVWDQFHV� DQG� ZKR� VXEVHTXHQWO\� OLYH� DUH� WR� EHEURXJKW�WR�WKH�FKXUFK�IRU�SXEOLF�UHFRJQLWLRQ�RI�EDSWLVP��� � :LWKRXW�FDQYDVVLQJ� WKH�GHEDWHFRQFHUQLQJ�WKH�EDSWLVP�RI�PLVFDUULHG�RU�VWLOOERUQ�FKLOGUHQ��LW�LV�SRVVLEOH�WR�GLUHFW�SDUHQWV�WRDSSURSULDWH�ULWXDO�ZKLFK�GRHV�QRW�FRPSURPLVH�WKH�LQWHJULW\�RI�WKH�VDFUDPHQW�RI�EDSWLVP�QRULQYROYH�ULWXDO�GLVKRQHVW\���$�µQDPLQJ�FHUHPRQ\¶�FDQ�EH�XVHG�EXW�PD\�IDLO� WR�DFNQRZOHGJHWKH�UHDOLW\�RI�GHDWK�DQG�WKH�VXEVHTXHQW�JULHI�WKDW�LV�H[SHULHQFHG�

Page 98: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

7KH�ULWHV�WKDW�IROORZ�DWWHPSW�WR�VHW�WKH�FULVLV�RI�ELUWK�EHFRPLQJ�GHDWK�ZLWKLQ�D�ZLGHU�FRQWH[WRI� &KULVWLDQ� KRSH� DQG� WKURXJK� ULWXDO� DOORZV� SDUHQWV� WR� DFNQRZOHGJH� WKH� ERQGV� RI� ORYHZKLFK�KDYH�GHYHORSHG�EHWZHHQ�WKHP�DQG�WKLV�FKLOG�DQG�WKH�UHDOLW\�WKDW�WKH\�PXVW�QRZ�OHWJR�RI�WKLV�FKLOG�DQG�WKH�H[SHFWDWLRQV�DQG�KRSHV�RI� WKLV�ELUWK�� �7KH�ULWHV�VHHN� WR�DWWHQG�WRUHODWLRQVKLSV� ZKLFK� DUH� VHYHUHG�� FKDQJHG� DQG� UHIRUPHG�� � ,Q� QDPLQJ� WKH� FULVLV�DFNQRZOHGJLQJ� WKH� IHHOLQJV�� IDFLQJ� WKH�DPELJXLW\� DQG� UHLQWHJUDWLQJ� WKH� UHODWLRQVKLSV�� WKHULWH�KDV�WKH�SRWHQWLDO�WR�PRYH�SDUWLFLSDQWV�EH\RQG�WKH�UDZQHVV�DQG�LVRODWLRQ�RI�ORVV�WR�WKHKHDOLQJ� RI� ERG\�DQG� VSLULW� ZLWKLQ� WKH� FRPPXQLW\� RI� D� EURNHQ� \HW� EHLQJ�KHDOHG�ZRUOG�� � $UHFHQW�VWXG\�RI�SDUHQWV�RI�VWLOOERUQ�FKLOGUHQ� IRXQG� WKDW� WKH�EHVW�RXWFRPHV�RI� ODWHU�PHQWDOKHDOWK�ZHUH�DFKLHYHG�E\�³WKRVH�ZKR�KDG�EHHQ�DEOH� WR�VHH�DQG�KROG� WKHLU�FKLOG��DQG�ZKRFRQGXFWHG�PHPRULDO�SUDFWLFHV�´ �

127(6��� -RE������E���-RE�TXHVWLRQV�*RG�DQG�VWDWHV�WKDW�KH�ZRXOG�UDWKHU�WKDW�KH�KDG�GLHG�EHIRUH�ELUWK�³EHIRUHDQ\�H\H�KDG�VHHQ�PH��DQG�ZHUH� DV� WKRXJK� ,� KDG�QRW�EHHQ��FDUULHG� IURP� WKH�ZRPE� WR� WKH� JUDYH�´�1569��-RE¶V�SKUDVH�LV�D�SRZHUIXO�HYRFDWLRQ�RI�WKH�SRLJQDQF\�RI�SUH��DQG�QHRQDWDO�ORVV�7KH�WLWOH� LV�XVHG�LQ�µ+RZ�/LWXUJ\�FDUHV�IRU�XV� LQ�3HUVRQDO�DQG�&RPPXQDO�6HWWLQJV¶��5HY�&ROOHHQ2¶5HLOO\��'RFWRUDO�'LVVHUWDWLRQ���������7KHVH�3DVWRUDO�1RWHV�DUH�HGLWHG�IURP�WKH�VHUYLFH�WKDW�IROORZV�ZULWWHQ�E\�2¶5HLOO\�LQ�KHU�'LVVHUWDWLRQ��� 7KLV�SRVVLELOLW\� LV� LQFOXGHG� IRU� WKRVH� VLWXDWLRQV�ZKHUH�D�EDE\� OLYHV�RQO\� VRPH�KRXUV� IROORZLQJ�ELUWKDQG�KDV�QRW�EHHQ�EDSWLVHG���$W�WKDW�WLPH��D�UHTXHVWHG�EDSWLVP�LV�WKH�DSSURSULDWH�ULWH�IRU�D�OLYLQJ�EDE\�$�ULWH�XVHG�IROORZLQJ�D�VWLOOELUWK�RU�HDUO\�QHRQDWDO�GHDWK� LV�QRW�D�VXEVWLWXWH�IRU�D� IXQHUDO��DOWKRXJK� LWPD\�PHHW� WKDW� SDVWRUDO� QHHG� LI� WKH� SDUHQWV� GR� QRW� DWWHQG�DQ\� IXQHUDO� KHOG�� DV� FRXOG� EH� WKH� FDVHZKHUH�WKH�KRVSLWDO�PDNHV�WKH�DUUDQJHPHQWV��� 6�+XQW�³3DVWRUDO�&DUH�DQG�0LVFDUULDJH��$�0LQLVWU\�/RQJ�1HJOHFWHG´�� 3DVWRUDO�3V\FKRORJ\��������������������������� (ODLQH�5DPVKDZ��³5LWXDO�IRU�6WLOOELUWK��([SORULQJ�WKH�,VVXHV´�� :RUVKLS������������������������������� 3HQQ\� %UDELQ�� ³6WLOOELUWK�� LPSOLFDWLRQV� IRU� VXEVHTXHQW� SDUHQWLQJ´�� � 3K'� 'LVVHUWDWLRQ��� 0RQDVK8QLYHUVLW\����������6HH�DOVR�³/HDUQLQJ�WR�FRSH�ZKHQ�D�FKLOG�LV�ORVW´�� 7KH�6XQGD\�$JH��0HOERXUQH����2FWREHU��������$JHQGD����

Page 99: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

��

5LWH�IRU�/DWH�0LVFDUULDJH��6WLOO�%LUWK�RU(DUO\�1HRQDWDO�'HDWK�)RU�XVH�LQ�KRVSLWDO���KRPH�VKRUWO\�DIWHU�WKH�ORVV�RI�DQ�H[SHFWHG�FKLOG�

,1752'8&7,21� ��7KH� SDUHQWV�� FHOHEUDQW�� DQG� VLJQLILFDQW� RWKHUV� JDWKHU� EHVLGH� WKH� ERG\� RI� WKH� FKLOG�� DVDSSURSULDWH��7KH�&HOHEUDQW�VD\V�*RG�JLYHV�OLIH�\HW�KHUH�LQ�RXU�PLGVWOLIH�KDV�EHHQ�WDNHQ�DZD\�1�DQG�1�KDYH�ZDLWHG�SDWLHQWO\IRU�WKH�ELUWK�RI�WKHLU�EDE\�WKH\�KDYH�SUHSDUHG�ZLWK�JUHDW�DQWLFLSDWLRQIRU�WKH�ELUWK�RI�WKLV�FKLOG�<HW�ZH�DFNQRZOHGJH�WKDW�WKLV�QHZ�OLIHFDQQRW�QRZ�IXOILOO�LWV�H[SHFWDWLRQ�7KLV�OLWWOH�RQH�ZKR�JUHZ�ZLWKLQ�1�LQWLPDWH�DQG�UHDO��ORYHG�DQG�ZHOFRPHGKDV�EHFRPH�VWLOOEHFDXVH�GHDWK�KDV�WDNHQ�KLP�KHU�IURP�XV�6LVWHUV�DQG�EURWKHUV�ZH�IDFH�WKH�DZHVRPH�P\VWHU\�RI�OLIH�DQG GHDWK�,Q�RXU�DQJXLVK�DQG�GLVWUHVVOHW�XV�WXUQ�WR�RXU�JUDFLRXV�DQG�PHUFLIXO�*RG�

35$<(5���7HQGHU�DQG�FRPSDVVLRQDWH�*RG�ZH�PRXUQ�WKH�SDVVLQJ�RI�WKLV�FKLOG�FRQFHLYHG�LQ�ORYH�\HW�ERUQ�LQWR�GHDWK�<RX�VHH�RXU�WHDUV��VKHG�IRU�RQH�ZKR�LV�SUHFLRXV�DQG�ORYHG�\HW�WDNHQ�IURP�XV�:H�SUD\�WKDW�\RX�ZLOO�EH�SUHVHQW�LQ�WKLV�SODFHDQG�HVSHFLDOO\�EULQJ�\RXU�FRPIRUW�WR�1�DQG�1LQ�WKHLU�WLPH�RI�GDUNQHVV�:H�FU\�RXW�WR�\RX�IURP�WKH�GHSWKV�RI�RXU�EHLQJ�ZK\�GRHV�MR\�HQG�LQ�VRUURZ"ZK\�KDV�WKH�ORYH�RI�SDUHQWV�HQGHG�LQ�VXFK�WUDJHG\"

$ WLPH�RI�VLOHQFH�PD\�EH�REVHUYHG�

Page 100: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

-HVXV�VD\V��³&RPH�WR�PH�DOO�ZKR�ODERXU�DQG�DUH�KHDY\�ODGHQ�DQG�,�ZLOO�JLYH�\RX�UHVW�IRU�,�DP�JHQWO\�DQG�ORZO\�LQ�KHDUWDQG�\RX�ZLOO�ILQG�UHVW�IRU�\RXU�VRXOV�´5LVHQ�&KULVW��ZH�NQRZ WKDW�\RX�FRPH�WR�XVLQ�RXU�VRUURZ�DQG�RXU�SDLQ�IRU�\RX�KDYH�VKDUHG�RXU�FRPPRQ�OLIHDQG�NQRZQ�WKH�JULHI�RI�ORVV�DQG�WKH�GHVSDLU�RI�GHDWK¶V�SUHVHQFH�&RPH�QRZ��6SLULW�RI�+HDOLQJ�/RYH�VXVWDLQ�DQG�FRPIRUW�XV�ZKRVH�KHDUWV�DUH�KHDY\�ZLWK�JULHI�IRU�\RX�DORQH�XSKROG�XV�DW�DOO�WLPHV�DQG�LQ�DOO�SODFHV�%OHVVHG�EH�*RG�IRUHYHU�

1$0,1*�2)�7+(�&+,/'� �7KH�&HOHEUDQW�VD\V�*RG¶V�ORYH�KDV�EHHQ�PDGH�NQRZQ�WR�XV�LQ�-HVXV�&KULVW�7KLV�ORYH�HPEUDFHV�DOO�SHRSOHDV�D�VKHSKHUG�WHQGV�KLV�IORFNRU�DV�D�KHQ�JDWKHUV�KHU�FKLFNV�XQGHU�KHU�ZLQJV�*RG¶V�ORYH�UHDFKHV�HYHQ�WKH�VPDOOHVW�RI�KLV�FUHDWXUHV�/LWWOH�FKLOGUHQ�KDYH�D�VSHFLDO�SODFH�DPRQJ�*RG¶V�SHRSOH�$V�ZH�JDWKHU�KHUH�WRGD\ZH�DFNQRZOHGJH�WKDW�1�DQG�1¶V�FKLOG�WKRXJK�ORVW�WR�WKHP�LV�UHFHLYHG�DQG�JDWKHUHG LQWR�WKH�JUHDW�IDPLO\�RI�*RG�7KHUHIRUH�DV�RQH�ZKR�LV�HPEUDFHG�E\�*RG¶V�FDUHDQG�LV�NQRZQ�WR�*RG�WKLV�FKLOG�ZLOO�UHFHLYH�D�QDPH�1�DQG�1��ZKDW�QDPH�KDYH�\RX�FKRVHQ�IRU�\RXU�FKLOG"3DUHQWV�117KH�&HOHEUDQW�FRQWLQXHV�11��\RX�DUH�SUHFLRXV�LQ�*RG¶V�VLJKW�DQG�DUH�SDUW�RI�*RG¶V�IDPLO\�:H�ZLOO�DOZD\V�UHPHPEHU�\RXDV�*RG�UHFHLYHV�DQG�JDWKHUV�\RX�LQWR�WKH�NLQJGRP�7KH�&HOHEUDQW�PD\�PDNH�D�VLJQ�RI�WKH�FURVV�RYHU�WKH�FKLOG�,Q�WKH�QDPH�RI�WKH�)DWKHU��DQG�RI�WKH�6RQ�DQG�RI�WKH�+RO\�6SLULW�

$0(1�

Page 101: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

&200(1'$7,21���7KH�&HOHEUDQW�VD\V�/HW�XV�QRZ�FRPPHQG�WKLV�FKLOG�WR�*RG�/HW�XV�SUD\�*RG�RI�PHUF\�DQG�ORYHZH�HQWUXVW�11�WR�\RXU�FDUHLQ�WKH�QDPH�RI�&KULVW�RXU�/RUG�ZKR�GLHG�DQG�URVH�DJDLQWKDW�WKH�SRZHU�RI�GHDWK�WR�GHVWUR\�XVPD\�EH�RYHUFRPH�IRU�HYHU�

$0(1�7KH�SDUHQWV�PD\�FRYHU� WKH�FKLOG�ZLWK�D�EODQNHW�RU� VKDZO��SODFH� WKH� FKLOG� LQ� D� FDVNHW�� RU� VRPHRWKHU�DFWLRQ�ZKLFK�VLJQLILHV�VHSDUDWLRQ�DQG�IDUHZHOO�

35$<(5�)25�7+(�3$5(176��$1'�)$0,/<�� ��*RG�RI�JUDFH�DQG�ZLVGRP�\RX�KDYH�JLYHQ�XV�WKH�JLIWV�RI�IDPLO\�DQG�IULHQGV�6XUURXQG�1�DQG�1��DQG�WKHLU�IDPLO\��ZLWK�\RXU�XQIDLOLQJ�ORYH�JLYH�WKHP�D�ILUP�WUXVW�LQ�\RXU�JRRGQHVV�DQG�FRXUDJH�WR�PHHW�WKH�GD\V�WR�FRPH�7KURXJK�-HVXV�&KULVW�RXU�/RUG�

$0(1�%/(66,1*�

7KH�/RUG�EOHVV�\RX�DQG�NHHS�\RX�WKH�/RUG�PDNH�KLV�IDFH�WR�VKLQH�XSRQ�\RX�DQG�EH�JUDFLRXV�XQWR�\RX�WKH�/RUG�OLIW�XS�KLV�FRXQWHQDQFH�XSRQ�\RX�DQG�JLYH�\RX�SHDFH�$0(1�

Page 102: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

127(6��� 7KH� ULWH� EHJLQV� ZLWK� D� VWDWHPHQW� WUXWKIXOO\� QDPLQJ� WKH� VLWXDWLRQ�� ZKLFK� LV� D� FULWLFDO� H[SHULHQFH� RIGLVORFDWLRQ�DQG�GLVWUHVV�� �$�FUXHO� VHYHULQJ�RI� WKH� LQWLPDF\�RI�PRWKHU�DQG�FKLOG� KDV�RFFXUUHG�� � 7KHSDUHQWV� DQG� RWKHUV� VWDQG� RQ� D� SDLQIXO� WKUHVKROG�� JD]LQJ� DW� WKH� P\VWHU\� RI� GHDWK� ZKHQ� WKH\� KDGDQWLFLSDWHG�WKH�MR\�RI�ELUWK�� �8VH�RI� WKH�ZRUG�P\VWHU\� LV� LQWHQGHG� WR�PRYH� WKH�SDUHQWV�EH\RQG� WKHERXQGDULHV� RI� SUHGLFWDELOLW\� DQG� RUGHU�� DQG� LQYLWH� WKHP� DFURVV� WKH� WKUHVKROG� WR� FRQQHFW� ZLWK� WKH&UHDWRU�RI�DOO�OLIH��� 7KLV�SUD\HU�RI�ODPHQW�JLYHV�IRUP�WR�WKH�µXQVSRNHQ�UDZQHVV¶�RI�IHHOLQJV���'UDZLQJ�RQ� %UXHJHPDQQ�LWLPSOLHV� WKH� SVDOPLVW¶V� FU\� RI� DEDQGRQPHQW� WR� TXHVWLRQ� *RG� ZKLOH� DFNQRZOHGJLQJ� WKDW� *RG� KDVHPEUDFHG�RXU� KXPDQ�FRQGLWLRQ��HQWHULQJ� LQWR� KXPDQ�JULHI�DQG�KXPDQ�GHDWK�� �7KH�SUD\HU� RIIHUV� DPRYHPHQW�IURP�EODPH� WR� DFFHSWDQFH� WKURXJK�UHFRJQLWLRQ�RI�*RG¶V�HPEUDFH�RI�XV� LQ�-HVXV��5LVHQ&KULVW�� FRQFOXGLQJ�ZLWK� D� SHWLWLRQ� WR� WKH�6SLULW�ZKRVH� SUHVHQFH� VXVWDLQV� DQG� KHDOV�� DQG� D� FORVLQJDIILUPDWLRQ� RI� *RG�� � 7KH� SUD\HU� DQWLFLSDWHV� DQG�PRYHV� WKHVH� SDUHQWV� WRZDUGV� QHZ� µQRUPDOLW\¶� E\DOORZLQJ�IRU�KRQHVW�H[SUHVVLRQ�RI�ERWK�FRPSODLQW�DJDLQVW�*RG�DQG�DIILUPDWLRQ�RI�*RG�6HH�:DOWHU�%UXHJHPDQQ��³7KH� )RUPIXOQHVV�RI�*ULHI´�� ,QWHUSUHWDWLRQ������������������������ 7KH�VWDWHPHQW�ZKLFK�RSHQV�WKLV�DFW�RI�QDPLQJ�SRLQWV�WR�WKH�QHHG�WR�DFNQRZOHGJH��JLYH�YDOXH�WR�DQGDIILUP�WKH�LGHQWLW\�RI�WKH�GHDG�FKLOG���,W�DOVR�VHWV�WKH�OLIH�RI�WKLV�FKLOG�ZLWKLQ�WKH�OLIH�RI�*RG�DQG�DOORZVWKH�SDUHQWV�WR�DFW�SDUHQWDOO\�HYHQ�DV�WKH\�UHOLQTXLVK�WKH�FKLOG�ZKR�LV�QRZ�ORVW�WR�WKHP���,�DP�LQIRUPHGWKDW�VRPH�FOHUJ\�ZLOO�FRQGXFW�D�EDSWLVP�LQ�WKHVH�FLUFXPVWDQFHV��RXW�RI�SDVWRUDO�FRQVLGHUDWLRQ�IRU�WKHSDUHQWV�EXW��DV�QRWHG�HDUOLHU��EDSWLVP�LV�UHVHUYHG�IRU�WKH�OLYLQJ������+RZHYHU�WKLV�ULWH�DVNV�WKH�SDUHQWVWR� VSHDN� WKH� QDPH� FKRVHQ� IRU� WKHLU� FKLOG� DV� DQ� DFW� RI� LGHQWLILFDWLRQ� ZLWK� WKH� FKLOG� HYHQ� DV� WKH\UHOLQTXLVK�KLP�KHU�WR�GHDWK���1DPLQJ�LV�GHFODUHG�LQ�WKH�QDPH�RI�*RG��)DWKHU��6RQ�DQG�+RO\�6SLULW�DQGWKH�FKLOG�LV�VLJQHG�ZLWK�WKH�FURVV��GHPRQVWUDWLQJ�WKH�ULWH¶V�LQWHQWLRQ�RI�ERWK�FODLPLQJ�WKH�FKLOG¶V�SODFHLQ�*RG¶V�UHGHPSWLYH�ORYH�DQG�UHOHDVLQJ�WKH�FKLOG�LQWR�*RG¶V�XQHQGLQJ�FDUH��� 7KH�FRPPHQGDWLRQ�LV�EDVHG�RQ�WKH�IXQHUDO�ULWH�DQG�VHUYHV�WR�PDUN�WKH�ULWXDO�SRLQW�DW�ZKLFK�WKH�FKLOGDQG�WKH�SDUHQWV�VHSDUDWH��WKH�FKLOG�EHLQJ�UHOHDVHG�LQWR�*RG¶V�FDUH���,W�IRUPV�D�QHZ�WKUHVKROG�IRU�WKHSDUHQWV�ZKR�PXVW�PRYH�IRUZDUG�LQ�WKHLU�OLYHV��OHWWLQJ�JR�RI�WKH�FULVLV�LQ�ZKLFK�WKH\�ILQG�WKHPVHOYHV���,WLV�H[SOLFLWO\�&KULVWLDQ�ZLWK�UHIHUHQFHV�WR�&KULVW¶V�GHDWK�DQG�UHVXUUHFWLRQ�DQG�GUDZV�WKLV�FKLOG� LQWR�WKHUHGHPSWLYH�ZRUN�RI�&KULVW��D�ZRUN�ZLWK�EHQHILW�IRU�WKH�ZKROH�FUHDWLRQ���7KH�ULWH�SURYLGHV�RSSRUWXQLW\IRU�WKH�SDUHQWV�WR�V\PEROLVH� WKH�VHSDUDWLRQ�E\�DQ�DFW�RI�FRYHULQJ�WKH�EDE\�ZLWK�D�EODQNHW��RU�RWKHUVXLWDEOH�JHVWXUH���6RPH�PD\�WKLQN�WKLV�WRR�SDLQIXO���,W¶V�SXUSRVH�LV�WR�HQDFW�WKH�ILQDOLW\�RI�WKH�PRPHQW�WKH�VLPSOH�\HW�WUDXPDWLF�JHVWXUH�VHUYHV�WR�QXUWXUH�WKH�ORQJ�WHUP�JULHYLQJ�DQG�KHDOLQJ�SURFHVV���� $V�WKLV�SUD\HU�EHJLQV�� LW�FDQ�EH�YDOXDEOH�WR� LQYLWH�WKRVH�SUHVHQW��E\�ZRUG�RU�DFWLRQ�� WR� KROG� KDQGV�7KH�JHVWXUH�VLJQLILHV�WKDW�WKH�SDUHQWV��DQG�RWKHUV�DIIHFWHG�E\�WKLV�GHDWK�DUH�QRW�DORQH��EXW�D�SDUW�RI�DZLGHU� KXPDQ� FRPPXQLW\� ZKLFK� ORYHV� DQG� JULHYHV� DQG� ILQGV� OLIH� DJDLQ�� � 7KH� SUD\HU� ORRNV� DKHDG�UHFRJQLVLQJ� WKDW� OLIH� LV� QRZ� FKDQJHG� LUUHYRFDEO\� DQG� WKDW� QHZ� UHVHUYHV� RI� ORYH� DQG� VWUHQJWK� DUHQHHGHG� WR�PRYH� IRUZDUG�� � 7KH� ULWH� HQGV�ZLWK� D�EOHVVLQJ� RI� WKH� SDUHQWV� DQG� RWKHUV� SUHVHQW�� � 7KHFHOHEUDQW�QHHGV�WR�H[HUFLVH�MXGJHPHQW�DERXW�ZDLWLQJ�LQ�VLOHQFH�DW�WKH�HQG�� LQLWLDWLQJ�FRQYHUVDWLRQ�RUZLWKGUDZLQJ��OHDYLQJ�WKH�SDUHQWV�WR�WKH�FDUH�RI�WKH�KRVSLWDO�VWDII�RU�IDPLO\���IULHQGV�

Page 103: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

$�VHUYLFH�WR�IROORZWKH�%LUWK�RI�D�6WLOO�%RUQ�&KLOGRUWKH�'HDWK�RI�D�1HZO\�%RUQ�&KLOG3UHSDUHG� E\� WKH� 8QLWLQJ� &KXUFK� LQ� $XVWUDOLD� 1DWLRQDO� &RPPLVVLRQ� RQ� /LWXUJ\� �������� ZKLFK� KROGV� WKH&RS\ULJKW�RQ�LW���,W�LV�UHSURGXFHG�ZLWK�SHUPLVVLRQ�IURP�WKH�&RPPLVVLRQ�$&.12:/('*(0(1767KH�(QJOLVK�WUDQVODWLRQ�RI�WKH�/RUG¶V�3UD\HU�LV�WKDW�SUHSDUHG�E\�WKH�(QJOLVK�/DQJXDJH�/LWXUJLFDO�&RPPLVVLRQ�(//&�������6FULSWXUH�TXRWDWLRQV�DUH�IURP�WKH�1HZ�5HYLVHG�6WDQGDUG�9HUVLRQ�RI�WKH�%LEOH��FRS\ULJKW������E\�WKH�'LYLVLRQRI�&KULVWLDQ�(GXFDWLRQ�RI�WKH�1DWLRQDO�&RXQFLO�RI�WKH�&KXUFKHV�RI�&KULVW�LQ�WKH�8�6�$�$FNQRZOHGJHPHQW�LV�PDGH�RI�OLQHV�DQG�SKUDVHV�IURP�)XQHUDO�6HUYLFHV�DQG�5HVRXUFHV��FRS\ULJKW�������7KH$QJOLFDQ�&KXUFK�RI�$XVWUDOLD�7UXVW�&RUSRUDWLRQ�� DQG�SXEOLVKHG�XQGHU� WKH� LPSULQW�%URXJKWRQ�%RRNV�E\�(�-�'Z\HU��$XVWUDOLD��3W\�/WG�,16758&7,216�)25�0,1,67(56�� 7KLV� SDVWRUDO� VHUYLFH� ZLOO� XVXDOO\� WDNH� SODFH� DV� VRRQ� DV� SRVVLEOH� DIWHU� WKH� ELUWK� KDVRFFXUUHG��WKRXJK�LQ�VSHFLDO�FLUFXPVWDQFHV�VRPH�GHOD\�PD\�EH�QHFHVVDU\���3UHSDUDWLRQZLOO�QRUPDOO\�LQFOXGH�DSSURSULDWH�SDVWRUDO�FRQYHUVDWLRQ���7KH�QHHG�IRU�SULYDF\�DQG�TXLHWVKRXOG� EH� FRQVLGHUHG�� EXW� WKH� PRVW� DSSURSULDWH� ORFDOH� IRU� WKH� VHUYLFH� LV� ZKHUH� WKHGHDWK�KDV�RFFXUUHG�� � ,W� VKRXOG�EH� FOHDUO\�XQGHUVWRRG� WKDW� WKLV� LV�QRW�D� IXQHUDO� VHUYLFHDQG�LV�QHFHVVDULO\�EULHI���$�TXLWH�VHSDUDWH�IXQHUDO�VHUYLFH�ZLOO�EH�KHOG�LQ�GXH�FRXUVH��� 7KRVH�SUHVHQW�IRU�WKH�VHUYLFH��LQ�DGGLWLRQ�WR� WKH�SDUHQWV��PD\�LQFOXGH�VXFK�SHRSOH�DV�RWKHU� IDPLO\�PHPEHUV� DV� WKH�SDUHQWV� GHVLUH�� KRVSLWDO� VWDII�� DQG�DQ�HOGHU� RI� WKH� ORFDOFRQJUHJDWLRQ��� 7KH�SDUHQWV�VKRXOG�KDYH� WKH�RSSRUWXQLW\�ZKHUHYHU� SRVVLEOH� WR�KHOS�SUHSDUH� WKH� FKLOGIRU�WKH�VHUYLFH��ZDVKLQJ�WKH�FKLOG�EHIRUH�GUHVVLQJ�KLP�KHU��SHUKDSV�XVLQJ�FORWKLQJ�WKH\KDYH� VSHFLDOO\� FKRVHQ� EHIRUHKDQG�� DQG� XVLQJ� D� VSHFLDO� PHPHQWR� RU� FXGGO\� WR\SXUFKDVHG�RU�JLYHQ�LQ�DQWLFLSDWLRQ�RI�WKH�ELUWK���7KH�SDUHQWV�PD\�EH�HQFRXUDJHG�WR�KROGWKH�FKLOG�ZKLOH�WKH�VHUYLFH�LV�EHLQJ�FRQGXFWHG��� :KHUH� WKH� IDPLO\�DUH� UHODWHG� LQ�VRPH�ZD\� WR� WKH�FKXUFK�� WKLV�VHUYLFH�VKRXOG�QRUPDOO\EH�FRQGXFWHG�E\�WKH�PLQLVWHU�RI�WKHLU�FRQJUHJDWLRQ���,I�D�FKDSODLQ�KDV�EHHQ� LQYROYHG� LQPLQLVWHULQJ�WR�WKH�IDPLO\�LQ�KRVSLWDO��LW�ZRXOG�EH�DSSURSULDWH�IRU�KLP�KHU�WR�DOVR�VKDUH�LQWKH� VHUYLFH� LQ� VRPH� ZD\�� �:KHUH� LW� LV� QRW� SRVVLEOH� IRU� WKH� PLQLVWHU� WR� EH� SUHVHQW�� DFKDSODLQ�PD\�WDNH�UHVSRQVLELOLW\�IRU�WKH�VHUYLFH�

Page 104: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

�� ,W� LV� UHFRPPHQGHG� WKDW� WKH� IROORZLQJ�ERRN�EH� UHDG�DQG�XVHG�DV�D�EDVLF� UHVRXUFH�E\WKRVH� LQYROYHG� LQ� WKLV� PLQLVWU\�� DQG� RIIHUHG� DV� D� JLIW� WR� EHUHDYHG� SDUHQWV� DQG� WKHLUIDPLOLHV�6WLOOELUWK�DQG�1HZERUQ�'HDWK��3HWHU�%DUU�DQG�'HERUDK�GH�:LOGH��3ODQHW�3UHVV�������$YDLODEOH�IURP��5R\DO�$OH[DQGUD�+RVSLWDO�IRU�&KLOGUHQ��&DPSHUGRZQ�16:�����RU�5R\DO�1RUWK�6KRUH�+RVSLWDO��6W� /HRQDUGV�16:������)XUWKHU�UHVRXUFHV�DUH�OLVWHG�DW�WKH�HQG�RI WKLV�VHFWLRQ��� 7KLV� VHUYLFH� VKRXOG� EH� SUHFHGHG� E\� DSSURSULDWH� SDVWRUDO� FRQYHUVDWLRQ� ZLWK� WKHEHUHDYHG� SDUHQWV�� � 7KLV� ZLOO� HQDEOH� WKHP� WR� EH� SUHSDUHG� IRU� WKH� VHUYLFH� DQG� PD\SURYLGH�KHOSIXO�SDVWRUDO�LQIRUPDWLRQ�WKDW�FDQ�EH�LQFRUSRUDWHG�LQWR�WKH�VHUYLFH��HVSHFLDOO\DW�WKH�SRLQW�ZKHUH�H[WHPSRUH�SUD\HU�LV�LQGLFDWHG�)URP�)XQHUDO�6HUYLFHV�DQG�5HVRXUFHV�������S������ZKLFK�UHIHUV�WR�D�IXQHUDO�OLWXUJ\��EXWLV�UHOHYDQW�WR�WKLV�VHUYLFH�DOVR�(YHU\�GHDWK�LQYROYHV�ORVV��VKRFN�DQG�JULHI��EXW�HVSHFLDOO\�WKDW�RI�D�FKLOG�:KHQ�D�EDE\�GLHV�QHDU�ELUWK��KRZHYHU��GLVWLQFWLYH�IDFWRUV�FRPH�LQWR�SOD\�7KHVH�PD\�QHHG�WR�EH�WDNHQ�LQWR�DFFRXQW�LQ�SDVWRUDO�FDUH��LQFOXGLQJ�DQ\IXQHUDO�OLWXUJ\��6XFK�IDFWRUV�LQFOXGH�WKH�IROORZLQJ�D� 7KHUH�PD\�QRW�KDYH�EHHQ�WLPH�IRU�WKH�GLVWLQFW�µFKDUDFWHU¶�RI�WKH�EDE\�WR�HPHUJH�QRU�IRU�PHPRULHV�WR�WDNH�IRUP�E� 7KHUH� PD\� EH� GLIIHUHQFHV� LQ� WKH� SDUHQWV¶� SHUFHSWLRQV�� ZKLFK� QHHG� WR� EHPLQLVWHUHG�WR�DSSURSULDWHO\�F� 0HGLFDO�WHFKQRORJ\�PD\�KDYH�SOD\HG�D�ODUJH�SDUW�LQ�WU\LQJ�WR�VDYH�RU�SURORQJ�WKHFKLOGV�OLIH�� �7KLV�PD\�KDYH�KHOSHG�SDUHQWV�WR�FRPH�WR�NQRZ�WKH�EDE\�IURP�WKHEHJLQQLQJV� RI� SUHJQDQF\�� � 2WKHU� SDUHQWV� PD\� IHHO� LW� KDV� LQWUXGHG� LQWR� WKHLUUHODWLRQVKLS�ZLWK�WKH�EDE\�G� 6HUYLFHV�VXFK�DV�WKHVH�DUH�XVXDOO\�VPDOO�LQ�DWWHQGDQFH��EXW�SRZHUIXOO\�LQWLPDWH�7KH�WH[W�VHHNV�WR�XVH�LQWLPDWH�ODQJXDJH��EXW�ZLWKRXW�VHQVLWLYLW\�VXFK�LQWLPDF\�LVHDVLO\�GDPDJHG�H� 7KH�JULHI�LQYROYHG�LQ�WKLV�SDVWRUDO�VLWXDWLRQ�LV�GLVWLQFWLYH��LQ�WKDW�VXFK�HDUO\�GHDWKVHHP�WR�UXQ�DJDLQVW�WKH�&KULVWLDQ�QRWLRQ�WKDW�OLIH�LV�D�JRRG�JLIW�RI�*RG��DQG�JLYHQWR�EH�XVHG�LQ�MR\�7KH�WKHRORJLFDO�HPSKDVLV�ZKLFK�XQGHUOLHV� WKLV�VHUYLFH�KDV�DV�D�PDMRU�FRPSRQHQWWKH�FRQYLFWLRQ�WKDW�*RG�LV�LQWLPDWHO\�LQYROYHG�LQ�DQG�WKURXJK�WKH�SDLQ�RI�JULHI���7KHZRUGV�DQG�DFWLRQV�RI�-HVXV�LQ�UHFHLYLQJ�\RXQJ�LQIDQWV�DV�PHPEHUV�RI�WKH�.LQJGRPRI�*RG�DUH�KLJKO\�VLJQLILFDQW�LQ�WKLV�FRQWH[W��� 8QLWLQJ�&KXUFK�SUDFWLFH��DORQJ�ZLWK�WKH�SUDFWLFH�RI�WKH�FKXUFK�FDWKROLF��FOHDUO\�LQGLFDWHVWKDW� LW� LV� LQDSSURSULDWH� WR� GR� DQ\WKLQJ� LQ� WKLV� VHUYLFH� ZKLFK�PD\� VXJJHVW� WKDW� LW� LV� DEDSWLVP�� �7KHUHIRUH��ZDWHU�VKRXOG�QRW�EH�XVHG�DW�DQ\�SRLQW�� � ,W�PD\�EH�QHFHVVDU\� WRVSHDN� LQ� VRPHWKLQJ� OLNH� WKH� IROORZLQJ� WHUPV� ZLWK� SDUHQWV� ZKR� DUH� UHTXHVWLQJ� DEDSWLVPDO�VHUYLFH�,W� LV� QRW� WKH� SUDFWLFH� RI� WKH� 8QLWLQJ� &KXUFK� WR� EDSWLVH� LQ� VLWXDWLRQV� VXFK� DV� WKLV�*RG¶V�ORYH�IRU��DQG�DFFHSWDQFH�RI��\RXU�FKLOG�GRHV�QRW�GHSHQG�RQ�ZKHWKHU�KH�VKH�LVEDSWLVHG�� � +RZHYHU�� ZH� GR� KDYH� D� VHUYLFH� ZKLFK� ZH� EHOLHYH� \RX� PD\� ILQGPHDQLQJIXO�DQG�KHOSIXO��6HH�DOVR�3DVWRUDO�1RWHV�LQ�WKH�DERYH�VHUYLFH���µ$�5LWH�IRU�/DWH�0LVFDUULDJH��6WLOOELUWK�RU(DUO\�1HRQDWDO�'HDWK¶��

Page 105: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

�� 7KLV� VHUYLFH�PD\� DOVR� EH� XVHG� LQ� WKH� HYHQW� RI� DQ� HDUO\� PLVFDUULDJH�� VLPSO\� RPLWWLQJ6HFWLRQ���µ7KH�6LJQ�RI�WKH�&URVV¶��� ,W�PD\�EH�DSSURSULDWH�IRU�WKH�SDUHQWV�WR�EH�JLYHQ�D�PHPHQWR�ZLWK�UHDGLQJV�DQG�SUD\HUVIURP�WKLV�VHUYLFH���7KH�&RPPLVVLRQ�RQ�/LWXUJ\�KDV�D�FDUG�ZKLFK�FDQ�EH�SXUFKDVHG���,I�DFDQGOH� DQG� IORZHUV� DUH� XVHG� LQ� WKH� VHUYLFH�� WKH\�PD\� DOVR� EH� JLYHQ� WR� WKH� SDUHQWV��127(�� ,Q�KRVSLWDO� VHWWLQJV��D�FDQGOH�PD\�QRW� EH�SHUPLWWHG�� � $OZD\V� FRQVXOW� KRVSLWDOVWDII�ILUVW��

Page 106: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

$�VHUYLFH�WR�IROORZWKH�%LUWK�RI�D�6WLOO�%RUQ�&KLOGRUWKH�'HDWK�RI�D�1HZO\�%RUQ�&KLOG,1752'8&7,21�$WWHQWLRQ� VKRXOG�EH�JLYHQ� WR� WKH� FUHDWLRQ�RI� D� ZRUVKLS� VSDFH�� � )RU�H[DPSOH�� D� YDVH�RI� IORZHUV�� FURVV� DQG%LEOH�PD\�EH�SURYLGHG���:KHUH�FLUFXPVWDQFHV�SHUPLW��D�FDQGOH�PD\�EH�OLW�1� UHIHUV� WR� WKH� QDPH�V�� RI� WKH� FKLOG�� ZKHUH� KH�VKH� KDV� EHHQ� QDPHG�� � ,I� QR� QDPH� KDV� EHHQ� JLYHQ�� WKHDOWHUQDWLYH�PD\�EH�XVHG�7KH�FKLOG�PD\�EH�KHOG�E\�WKH�PRWKHU�RU�IDWKHU��RU�RWKHU�DSSURSULDWH�SHUVRQ�

:H�JDWKHU�KHUH LQ�JULHI�DQG�SDLQ�,Q�WKLV�PRPHQW�WKHUH�LV�QR�XQGHUVWDQGLQJ�RQO\�WKH�HPSWLQHVV�RI�VRUURZ�DQG�ORVV�1���7KLV�OLWWOH�FKLOG�KDV�GLHGGXULQJ�ELUWK��RU��HYHQ�EHIRUH�KH�VKH�ZDV�ERUQ��:H�DUH�RYHUZKHOPHG�E\�WKH�P\VWHU\�RI�OLIH�DQG�GHDWKWKDW�ZH�KDYH�H[SHULHQFHG�LQ�KLP�KHU�<HW�ZH�UHPHPEHU��LQ�RXU�FRQIXVLRQ�DQG�GLVWUHVV�WKDW�WKH�HWHUQDO�*RG�LV�KHUH�WKH�2QH�ZKRVH�ORYH�LV�VHHQ�LQ�-HVXV�&KULVW�2Q�WKH�FURVV��-HVXV�EHDUV�RXU�SDLQ�7KURXJK�WKH�FURVV��*RG�VKDUHV�RXU�SDLQ�,Q�WKH�6SLULW��*RG�LV�ZLWK�XVRIIHULQJ�FRPIRUW��SHDFH�DQG�ORYH�

6&5,3785(�9(56(6�:H�FU\�RXW�WR�*RG�3VDOP�������3VDOP�������6RPH�RU�DOO�WKH�IROORZLQJ�YHUVHV�PD\�EH�UHDG�/DPHQWDWLRQV��������3VDOP�����0DWWKHZ���������5RPDQV������������

Page 107: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

35$<(5�,Q�WKLV�SUD\HU��1�DQG�1�UHIHUV�WR�WKH�QDPHV�RI�WKH�SDUHQWV�:KHUH�DSSURSULDWH��WKH�QDPHV�RI�WKH�RWKHU�FKLOGUHQ�LQ�WKH�IDPLO\�PD\�DOVR�EH�LQFOXGHG�

/HW�XV�SUD\�*RG�RI�ORYH�ZH�WKDQN�\RX�IRU�WKH�DVVXUDQFH�RI�\RXU�SUHVHQFH�+HOS�XV�WR�WUXVW�LQ�WKH�SURPLVHV�\RX�KDYH�PDGH�+HUH H[WHPSRUH�SUD\HUV�PD\�EH�RIIHUHG�6XUURXQG�1�DQG�1��WKHLU�IDPLO\�DQG�IULHQGV�ZLWK�\RXU�ORYH�DQG�JUDFH�&RPIRUW�WKHP�LQ�WKHLU�VRUURZDQG�ILOO�WKHP�ZLWK�\RXU�SHDFH�6WUHQJWKHQ�WKHLU�IDLWK�LQ�\RXDQG�EOHVV�WKHP�ZLWK�FRQILGHQFH�DQG�FRXUDJHWR�IDFH�WKH�IXWXUH�WKURXJK�-HVXV�&KULVW�RXU�/RUG� $0(1�

7+(�6,*1�2)�7+(�&5266�+HUH�1�UHIHUV�WR�WKH�QDPH�RI�WKH�FKLOG���,I�WKHUH�LV�QR�QDPH�WKH�DOWHUQDWLYHV�PD\�EH�XVHG�7KH�PLQLVWHU�SODFHV�WKH�VLJQ�RI�WKH�FURVV�RQ�WKH�FKLOG���7KH�SDUHQWV�PD\�EH�JLYHQ�WKH�RSSRUWXQLW\��LI�GHVLUHG�WR�HDFK�VKDUH�LQ�SODFLQJ�WKH�VLJQ�RI�WKH�FURVV�RQ�WKHLU�FKLOG�'XULQJ�WKH�SUD\HU��³*RG�RI�FRPSDVVLRQ����´���LW�LV�DSSURSULDWH�IRU�WKH�PLQLVWHU�WR�SODFH�D�KDQG�XSRQ�WKH�FKLOG�*RG�VD\V��%HIRUH�,�IRUPHG�\RX�LQ�WKH�ZRPE�,�NQHZ�\RX�-HUHPLDK����$QG�ZH� UHPHPEHU� WKDW� -HVXV�ZHOFRPHG� OLWWOH� FKLOGUHQ�� WRRN� WKHP� LQ� KLV� DUPV�DQG�EOHVVHG�WKHP� /XNH����������)RU�1���DOO��KH�OLYHG�)RU�1���DOO��KH�GLHG�)RU�1���DOO��KH�URVH�DJDLQ�+H�KDV�ZHOFRPHG�1���WKLV�FKLOGLQWR�KLV�HWHUQDO�NLQJGRP�7KHUHIRUH��DV�D�PDUN�RI�WKDW�ORYH�DQG�JUDFH�ZH�SODFH�RQ�KLP�KHU�WKH�VLJQ�RI�WKH�FURVV�/HW�XV�SUD\�*RG�RI�FRPSDVVLRQ�KHOS�XV�WR�EHOLHYHWKDW�1���WKLV�FKLOG�D�ODPE�RI�\RXU�IORFN�LV�LQ�\RXU�FDUHWKURXJK�WKH�JUDFH�RI�RXU�/RUG�-HVXV�&KULVW�$0(1�

Page 108: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

7+(�/25'¶6�35$<(52XU�)DWKHU�LQ�KHDYHQ�KDOORZHG�EH�\RXU�QDPH�\RXU�NLQJGRP�FRPH�\RXU�ZLOO�EH�GRQH�RQ�HDUWK�DV�LQ�KHDYHQ�*LYH�XV�WRGD\�RXU�GDLO\�EUHDG�)RUJLYH�XV�RXU�VLQVDV�ZH�IRUJLYH�WKRVH�ZKR�VLQ�DJDLQVW�XV�6DYH�XV�IURP�WKH�WLPH�RI�WULDODQG�GHOLYHU�XV�IURP�HYLO�)RU�WKH�NLQJGRP��WKH�SRZHU��DQG�WKH�JORU\�DUH�\RXUVQRZ�DQG�IRUHYHU� $0(1�%/(66,1*�7KH�SHDFH�RI�*RG��ZKLFK�SDVVHV�DOO�XQGHUVWDQGLQJ�NHHS�\RXU�KHDUWV�DQG�PLQGVLQ�WKH�NQRZOHGJH�DQG�ORYH�RI�*RG�DQG�RI�KLV�6RQ��-HVXV�&KULVW�RXU�/RUG� %DVHG�RQ�3KLOLSSLDQV����

$QG�WKH�EOHVVLQJ�RI�*RG�DOPLJKW\�WKH�)DWKHU��WKH�6RQ�DQG�WKH�+RO\�6SLULW�EH�XSRQ�\RX�DQG�UHPDLQ�ZLWK�\RX�DOZD\V�$0(1�257KH�/RUG�EOHVV�\RX�DQG�NHHS�\RX�WKH�/RUG�PDNH�KLV�IDFH�WR�VKLQH�XSRQ�\RX�DQG�EH�JUDFLRXV�XQWR�\RX�WKH�/RUG�OLIW�XS�KLV�FRXQWHQDQFH�XSRQ�\RX�DQG�JLYH�\RX�SHDFH� 1XPEHUV��������$V�WKH�VHUYLFH�FRQFOXGHV��WKH�SDUHQWV�PD\�FRQWLQXH�WR�KROG�WKH�FKLOG��DV�PD\�RWKHUV�LQYLWHG�WR�GR�VR�E\�WKHP�7KHUH�PD\�EH�H[SUHVVLRQV�RI�JULHI�DQG�IDUHZHOOV�EHIRUH�WKH�FKLOG�LV�KDQGHG�LQWR�WKH�FDUH�RI�D�PHPEHU�RI�WKHKRVSLWDO�VWDII�RU�RWKHU�VXLWDEOH�SHUVRQ�

Page 109: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

27+(5�5(6285&(6)XQHUDO�6HUYLFHV�DQG�5HVRXUFHV�������SXEOLVKHG�XQGHU�WKH�LPSULQW�%URXJKWRQ�%RRNV�E\(�-��'Z\HU��$XVWUDOLD��3W\�/WG�DQG�SUHSDUHG�E\�WKH�/LWXUJLFDO�&RPPLVVLRQ�RI� WKH�$QJOLFDQ&KXUFK��SS��������:KHQ�WKH�'UHDP�LV�6KDWWHUHG��-XGLWK�DQG�0LFKDHO�0XUUD\��/XWKHUDQ�3XEOLVKLQJ�+RXVH�$GHODLGH��������/RVV�RI�D�%DE\��0DUJDUHW�1LFRO��%DQWDP�%RRNV�������3DUHQWV�FRXOG�DOVR�EH�UHIHUUHG�WR�6$1'6 �$�YROXQWHHU�VHOI�KHOS�IRU�IDPLOLHV�DQG�LQGLYLGXDOVZKR�KDYH�H[SHULHQFHG�GHDWK�RI�D� EDE\�EHIRUH�� GXULQJ� RU� DIWHU� ELUWK��� ,W� KDV� EUDQFKHV� LQHDFK� VWDWH� RI� $XVWUDOLD� DQG� RIIHUV� KRVSLWDO� DQG� KRPH� YLVLWV�� D� OLEUDU\� RI� ERRNV�� DUWLFOHV�YLGHRV�DQG�WDSHV��WHOHSKRQH�VXSSRUW��QHZVOHWWHUV�DQG�VXSSRUW�PHHWLQJV�

Page 110: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

)RU�WKH�\RXQJZKR�DUH�JRQH��EXW�QHYHU�IRUJRWWHQ�$�0HPRULDO�6HUYLFH $�QRQ�GHQRPLQDWLRQDO�6HUYLFHKHOG�DW�0DF4XHHQ¶V�)XQHUDO�3DUORXU&DPSHUGRZQ��9LFWRULDRQ�0DUFK���WK �����3UHSDUHG�E\�0UV��.D\H�0LWFKHOO��D�/D\�3UHDFKHULQ�WKH�8QLWLQJ�&KXUFK�RI�$XVWUDOLD�DQG�'RQ�0DF4XHHQ��)XQHUDO�'LUHFWRU�

,1752'8&7,21�DQG�:(/&20(�23(1,1*�35$<(5�

/RYLQJ�/RUG��ZKRVH�EUHDWK�JLYHV� OLIH� WR�WKH�ZRUOG�DQG�ZKRVH�YRLFH� LV�KHDUG�RQWKH�EUHH]H��ZH�UHFRJQLVH�WKDW�DOO�RI�FUHDWLRQ�LV�<RXUV��KHOG�WRJHWKHU�LQ�-HVXV�WKH&KULVW��DQG�WKDW�ZH�DUH�D�VWUDQG�LQ�WKH�ZHE�RI�OLIH�ZHDYHG�E\�\RX�:KHQ�WKH�ILHOG�ZDV�SORXJKHG�WKHUH�ZDV�DQ�H[SHFWDWLRQ�RI�KDUYHVW���7KH�KDUYHVWIRU� WKH� OLYHV� ZH� VKDUHG� DQG� FDUULHG� KDV� EHHQ� JDWKHUHG� LQ�� \HW� OLIH� KDV� EHHQVXVWDLQHG�� �*RG� ZKR� FDOOV� ZLQGV� IURP� WKH� VNLHV� EULQJLQJ�JHQWOH� UDLQ� WR� IDOO� RQSDUFKHG�HDUWK��JUDQW�SHDFH�WR�WKH�VXQ�RI�RXU�FKLOGUHQ�DV� LW�JRHV�GRZQ��DQG� WKHTXLHW�DZDNHQLQJ�WR�D�EUHDWKOHVV�GDZQ���&DOP�RXU�KHDUWV�WKDW�<RX�PLJKW�ILQG�UHVWWKHUH��DQG�<RXU�SHDFH�PLJKW�FRYHU�XV�*UDQW�XV�WKH�JUDFH�WR�UHOLYH�DQG�VKDUH� WKH�PHPRULHV�RI� WKRVH� OLWWOH�SHRSOH�ZLWKWKHLU�RZQ� OLWWOH�VSLULW�ZKRP�ZH�NQHZ�DQG� ORYHG��DQG� WR�EH� WKDQNIXO�� IRU� WKH� WLPHZH�KDG�WRJHWKHU�:H�QDPH�WKH�SUHFLRXV�PRPHQWV�WKH�QHUYRXV�WKULOO�DQG�SUHSDUDWLRQ�IRU�EHFRPLQJ�D�SDUHQW�WKH�MR\�RI�IULHQGV��IDPLO\�DQG�RWKHUV�NLQG�SHRSOH��NLQG�ZRUGV�RU�D�NLQG�WRXFK�WKH�IDFW�WKDW�WKHUH�ZDV�D�FKLOG�ZKR�GLG�H[LVW��EXW�EULHIO\�DQG�WKH�PDQ\�ZD\V�LQ�ZKLFK�KH�RU�VKH�LV�VWLOO�SDUW�RI�XV�DQG�ZH�UHPHPEHU�RXU�VSHFLDO�PRPHQWV����

Page 111: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

:H�DOVR�QDPH�WKH�KXUWV�WKH�LQFRPSDUDEOH�VKRFN��KRUURU�DQG�LPPHQVH�VRUURZDW�NQRZLQJ�WKH�ORVV�RI�KHDUWEHDW�RU�GHDWK�RI�RXU�FKLOG�WKH�GLVEHOLHI�±�LW¶V�VRPHRQH�HOVH���QRW�PH��QRW�P\�FKLOG�WKH�KXUW�RI�IHHOLQJ�LVRODWHG�RU�DORQH��ZLWK�SHUKDSV�HYHQ�D�VHQVH�RI�IDLOXUH�ZHOO�PHDQLQJ�EXW�XQWKLQNLQJ�LQVHQVLWLYLW\��³\RX¶UH�\RXQJ��\RX�FDQ�KDYH�DQRWKHU�RQH�´³\RX�KDYH�RWKHU�KHDOWK\�FKLOGUHQ�´³\RX¶OO�JHW�RYHU�LW�´)ULHQGV�ZKR�ZRXOGQ¶W�VSHDN�DERXW�LW�RU�OHW�XV�VSHDN�DERXW�LW�DV�LI�RXU�FKLOG�QHYHU�ZDV�EHLQJ�DIUDLG�WR�DVN�TXHVWLRQV�IRU�IHDU�RI�ZKDW�RWKHUV�PLJKW�WKLQN�WKH�KXUW�RI�IDPLO\�JDWKHULQJV�ZKHUH�RXU�EDE\�ZDV�PLVVLQJ�WKH�UHPLQGHUV�RI�ELUWKGD\V��RU�WKH�GD\�WKH�EDE\�ZDV�GXH�RU�)DWKHUV¶�RU�0RWKHUV¶�'D\�)DWKHUV�ZKR�PD\�KDYH�EHHQ�³OHIW�RXW´�WKH�KXUW�RI�VHDUFKLQJ�IRU�RXU�EDE\�LQ�WKH�IDFH�RU�IDFHV�RI�RWKHU�EDELHV�/RYLQJ�/RUG��ZH�KDYH�VXIIHUHG�WKH�ORVV�RI�RXU�FKLOGUHQ�WKH�GHDWK�RI�D�GUHDP�DQG�WKH�KRSH�IRU�WKDW�GUHDP�:H�EULQJ�WR�<RX�RXU�XQILQLVKHG�EXVLQHVV��WKH�WLPHV�ZH�IDLOHG�RU�IHOW�VRPHRQH�IDLOHG�XV�UHJUHWV�DERXW�WKLQJV�ZH�ZLVK�ZH¶G�VDLG�RU�GRQHRU��SHUKDSV�KDGQ¶W�VDLG�RU�GRQH�7RJHWKHU��PLJKW�ZH�SXW�WKHVH�DQG�RWKHU�WKRXJKWV�WR�UHVW�EUHDN�WKH�ERQGV�DQG�OHW�JR�*UDQW�XV�WKH�VHUHQLW\�WR�DFFHSW�WKRVH�WKLQJV�ZKLFK�FDQQRW�EH�FKDQJHG�WKH�FRXUDJH�WR�FKDQJH�WKH�WKLQJV�ZH�FDQ��DQG�DERYH�DOOWKH�ZLVGRP�WR�NQRZ�WKH�GLIIHUHQFH�,Q�-HVXV¶�1DPH� $0(1�

9(56(����/RUG�%\URQ¶V�HSLF��³'RQ�-XDQ�WR�EHDXWLIXO�+DLGHH´ZKR�GLHG�EHIRUH�WKHLU�FKLOG�FRXOG�EH�ERUQ�'RQ�-XDQ�VSHDNV�6KH�GLHG�EXW�QRW�DORQH�6KH�KHOG�ZLWKLQ�KHU�D�VHFRQG�SULQFLSOH�RI�OLIHZKLFK�PLJKW�KDYH�GDZQHG�D�IDLU�DQG�VLQOHVV�FKLOG�RI�VLQ�EXW�FORVHG�LWV�OLWWOH�EHLQJ�ZLWKRXW�OLJKW�DQG�ZHQW�GRZQ�WR�WKH�JUDYH�XQERUQ�ZKHUHLQ�EORVVRP�DQG�ERXJK�EH�ZLWKHUHG�ZLWK�RQH�EOLJKW�

Page 112: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

5()/(&7,21��� (OL]DEHWK�*DVNHOO��-XO\��WK ����,�PDGH�D�YRZ�ZLWKLQ�P\�VRXO��2�FKLOG�ZKHQ�WKRX�ZHUW�ODLG�EHVLGH�P\�ZHDU\�KHDUW��ZLWK�PDUNV�RI�GHDWK�RQ�HYHU\�WHQGHU�SDUW�WKDW�LI�LQ�WLPH�D�OLYLQJ�LQIDQW�VPLOHG�ZLQQLQJ�P\�HDU�ZLWK�JHQWOH VRXQGV�RI�ORYH�LQ�VXQVKLQH�RI�VXFK�MR\�,�VWLOO�ZRXOG�VDYH�D�JUHHQ�UHVW�IRU�WK\�PHPRU\��2�GRYH�DQG�RI�WLPHV�YLVLW�WK\�VPDOO�QDPHOHVV�JUDYH�7KHH�KDYH�,�QRW�IRUJRW�P\�ILUVW�ERUQ�WKRX�ZKRVH�H\HV�QHYHU�RSHQHG�WR�P\�ZLVWIXO�JD]H�ZKRVH�VXIIHULQJ�VWDPSHG�ZLWK�SDLQ�WK\�OLWWOH�EURZ�,�WKLQN�RI�WKHH�LQ�WKHVH�IDU�KDSSLHU�GD\V�DQG�WKRX��P\�FKLOG��IURP�WK\�EULJKW�KHDYHQ�VHHKRZ�ZHOO��,�NHHS�P\�IDLWKIXO�YRZ�WR�PH�$�48,(7�7,0(�DQG�,7(0�

³7XUQ��7XUQ��7XUQ´�E\��WKH�6HHNHUV(FFOHVLDVWHV�����������������DGDSWHG�E\�3HWH�6HHJHU�7KH�ZRUGV�RI�WKH�SDVVDJH� IURP�(FFOHVLDVWHV�ZHUH�SULQWHG�RQ�WKH�VHUYLFH�VKHHW�VR�SHRSOH�FRXOGIROORZ�DV�WKH\�OLVWHQHG�WR�WKH�VRQJ�� )RU�HYHU\WKLQJ�WKHUH�LV�D�VHDVRQDQG�D�WLPH�IRU�HYHU\�SXUSRVH�XQGHU�KHDYHQ�� D�WLPH�WR�EH�ERUQ�DQG�D�WLPH�WR�GLH�D�WLPH�WR�SODQW��DQG�D�WLPH�WR�XSURRW���D�WLPH�WR�NLOO�DQG�D�WLPH�WR�KHDO�D�WLPH�WR�SXOO�GRZQ�DQG�D�WLPH�WR�EXLOG�XS�� D�WLPH�WR�ZHHS�DQG�D�WLPH�WR�ODXJK�D�WLPH�IRU�PRXUQLQJ�DQG�D�WLPH�IRU�GDQFLQJ�� D�WLPH�WR�VFDWWHU�VWRQHV�DQG�D�WLPH�WR�JDWKHU�WKHP�D�WLPH�WR�HPEUDFH�DQG�D�WLPH�WR�UHIUDLQ�IURP�HPEUDFLQJ�� D�WLPH�WR�VHHN�DQG�D�WLPH�WR�ORVH�D�WLPH�WR�NHHS�DQG�D�WLPH�WR�WKURZ�DZD\�� D�WLPH�WR�WHDU�DQG�D�WLPH�WR�PHQG�D�WLPH�IRU�VLOHQFH�DQG�D�WLPH�IRU�VSHHFK���D�WLPH�IRU�ORYH�DQG�D�WLPH�IRU�KDWH�D�WLPH�IRU�ZDU�DQG�D�WLPH�IRU�SHDFH����*RG�KDV�PDGH�HYHU\WKLQJ�WR�VXLW�LWV�WLPH�PRUHRYHU�KH�KDV�JLYHQ�XV�D�VHQVH�RI�WLPHSDVW�DQG�IXWXUH��EXW�QR�XQGHUVWDQGLQJRI�+LV�ZRUN�IURP�EHJLQQLQJ�WR�HQG���:KDWHYHU�LV�KDV�EHHQ�DOUHDG\�DQG�ZKDWHYHU�LV�WR�FRPH�KDV�EHHQ�DOUHDG\�DQG�*RG�VXPPRQV�HDFK�HYHQW�EDFN�WR�LWV�WXUQ�$0(1�

Page 113: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

5($',1*� -RKQ��������������������0(',7$7,21�

,�FDQ¶W�DQVZHU�WKH�TXHVWLRQ�³:K\"´��³:K\�XV��ZK\�WKLV�FKLOG"´��LI�WKHUH¶V�DQ�DQVZHU�LW¶V�SUREDEO\� ³,�GRQ¶W� NQRZ´�� �%XW� ,�GR�NQRZ� WKDW�*RG�VKRZHG�+LPVHOI� WKURXJK� WKHKHDUWV�DQG�KDQGV�RI�DQ\�RQH�SHUVRQ�ZKR�RIIHUHG�\RX�ORYH�DQG�VXSSRUW�DQG�RXWUHDFKDW�WKDW�WLPH���%HWWH�0LGOHU�VLQJV�D�VRQJ�DERXW�*RG�ZDWFKLQJ�XV�IURP�D�GLVWDQFH��EXWLW¶V� QRW� OLNH� WKDW�� � *RG�JRHV� ULJKW� WKURXJK�DOO� WKRVH�KXUWV� �� WKH� JULHI�� WKH� ORVV�� WKHLPPHQVH�VRUURZ��WKH�ORQHOLQHVV�DQG�DQ\�RWKHU�ZRUG�\RX�FDUH�WR�QDPH���ZLWK�XV��DQGZDONV�EHVLGH�XV�,Q�³7HDUV�LQ�+HDYHQ´��(ULF�&ODSWRQ�DVNV�WKH�TXHVWLRQ�³:RXOG�\RX�NQRZ�P\�QDPH��LI�,VDZ�\RX�LQ�KHDYHQ"´��DQG�,�WKLQN�WKH�DQVZHU�WR� WKDW�LV�³<HV´���+LV�QH[W�TXHVWLRQ� LV³:RXOG� LW� EH� WKH� VDPH"´� � DQG� ,� WKLQN� WKH�DQVZHU� WR� WKDW� LV� ³1R´�� � 7KLV� ZHHN�� WKH&KULVWLDQ� FDOHQGDU� FHOHEUDWHV� (DVWHU�� DQG� DOO� RI� WKH� ZRUOG�� &KULVWLDQ� RU� QRQ�&KULVWLDQ�� UHFRJQLVHV� WKDW� FHOHEUDWLRQ�� HYHQ� LI� LW� GRHVQ¶W� IROORZ� LW�� � (DVWHU� WHDFKHVWKDW� WKH�5HVXUUHFWHG� -HVXV� DSSHDUHG� WR� SHRSOH� ZKR� VDZ� +LP� GLH� E\� FUXFLIL[LRQ�:KHQ�+H�DSSHDUHG��KH�ZDV�GLIIHUHQW��EXW�HYHU\RQH�ZKR�VDZ�+LP��NQHZ +LP���5HDGDERXW�LW�LQ�-RKQ¶V�*RVSHO�LQ�WKH�%LEOH��PHDQZKLOH�\RX�PXVW�PDNH�XS�\RXU�RZQ�PLQGDERXW�WKDW�³:RXOG�\RX�NQRZ�P\�QDPH��LI�,�VDZ�\RX�LQ�KHDYHQ"´��<HV���³:RXOG�LW�EH�WKH�VDPH"´,�GRQ¶W�WKLQN�VR��IRU�,�EHOLHYH�WKHVH�EDELHV�KDYH�EHHQ�FDUULHG�E\�*RG��WR�D�QHZ��VDIH�PRUH�JUDFLRXV�DQG�JHQWOH�SDVWXUH� $0(1�

-(:,6+�35$<(5� 7KH�*DWHV�RI��3UD\HU,Q�WKH�ULVLQJ�RI�WKH�VXQ�DQG�LQ�WKH�JRLQJ�GRZQ�5 :H�UHPHPEHU�WKHP�DOO�,Q�WKH�EORZLQJ�RI�WKH�ZLQG��DQG�LQ�WKH�FKLOO�RI�ZLQWHU�5 :H�UHPHPEHU�WKHP�DOO�,Q�WKH�RSHQLQJ�RI�EXGV�DQG�LQ�WKH�ZDUPWK�RI�VXPPHU�5 :H�UHPHPEHU�WKHP�DOO�,Q�WKH�UXVWOLQJ�RI�OHDYHV�DQG�LQ�WKH�EHDXW\�RI�DXWXPQ�5 :H�UHPHPEHU�WKHP�DOO�,Q�WKH�EHJLQQLQJ�RI�WKH�\HDU�DQG�ZKHQ�LW�HQGV�5 :H�UHPHPEHU�WKHP�DOO�:KHQ�ZH�DUH�ZHDU\�DQG�LQ�QHHG�RI�VWUHQJWK�5 :H�UHPHPEHU�WKHP�DOO�:KHQ�ZH�DUH�ORVW�DQG�VLFN�LQ�KHDUW�5 :H�UHPHPEHU��WKHP�DOO�:KHQ�ZH�KDYH�MR\V�ZH�ORQJ�WR�VKDUH�5 :H�UHPHPEHU�WKHP�DOO�6R�ORQJ�DV�ZH�OLYH��WKH\�WRR�VKDOO�OLYH�)RU�WKH\�DUH�VWLOO�SDUW�RI�XV�5 $V�ZH�UHPHPEHU�WKHP�DOO�

Page 114: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

$�48,(7�7,0(�ZLWK�086,&����³:DWHUOLO\´�3ULVFLOOD�+HUGPDQ/,*+7,1*�2)�&$1'/(6�� WR�V\PEROLVH�³OHWWLQJ�JR´5($',1*�2)�1$0(6�621*� ³0RUQLQJ��KDV�%URNHQ´%/(66,1*�

�6HH�DOVR�³([RUFLVLQJ�7UDXPD´�LQ�WKH�$UWLFOHV�VHFWLRQ�RI�WKHVH�/LWXUJLFDO�5HVRXUFHV��ZKLFKUHIHUV�WR�WKLV�VHUYLFH�

Page 115: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

27+(5:256+,35(6285&(6

Page 116: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

/RUG�,�UHPHPEHU�ZKHQ�,�EHJDQ�WR�VXVSHFW�,�ZDV�SUHJQDQW�2QO\�\RX�DQG ,�NQHZ�,�UHFDOO�WKRVH�IHHOLQJV�RI�MR\�DQG�H[SHFWDWLRQ�,�UHPHPEHU�WKH�GD\�WKH�SUHJQDQF\�ZDV�FRQILUPHG�DQG�WKH�H[FLWHPHQW�RI�WHOOLQJ�RWKHU�PHPEHUV�RI�WKH�IDPLO\�$QG�WKHQ�,�UHPHPEHU�WKH�VLJQV�WKDW�VRPHWKLQJ�ZDV�ZURQJ�SDLQ��EOHHGLQJ��PRUH�SDLQ�DQG�PRUH�EOHHGLQJ�,W�ZDV�QRW�WKH�SURGXFWLYH�SDLQ�RI�FKLOG�ELUWK�LW�VHHPHG�WR�KXUW�PRUH�EHFDXVH�,�NQHZ�,�ZDV�ORVLQJ�WKH�EDE\�7KHQ�FDPH�WKH�GRFWRUV¶�H[SODQDWLRQV����EOLJKWHG�RYXP��HFWRSLF�SUHJQDQF\��LQFRPSHWHQW�FHUYL[�<RX¶OO�QHHG�D�'���&��7KH�UHDVRQ�GLGQ¶W�PDNH�LW�HDVLHU�,�UHFDOO�WKH�ZHOO�PHDQLQJ�FRPPHQWV����1DWXUH¶V�ZD\�PXVW�KDYH�EHHQ�VRPHWKLQJ�ZURQJ�WU\�DJDLQ�VRRQ�/RUG�,�RIIHU�\RXWKRVH�PHPRULHV�WKRVH�IHHOLQJV�WKRVH�XQIXOILOOHG�H[SHFWDWLRQV�WKRVH�XQDQVZHUHG�TXHVWLRQV���:K\"��DQG�:KDW�LI"WKRVH�XQVSRNHQ�DFFXVDWLRQV�RI�IDXOW�DQG�IHHOLQJV�RI�JXLOW�DQG�DQJHU�%XW�/RUG��PRVW�LPSRUWDQWO\,�RIIHU�\RX�WKH�SDLQ�DQG�VDGQHVV�DQG�WHDUV�)RU�,�DGPLW�WR�\RX�WKDW�,�UHDOO\�ZDQWHG�WR�KDYH�WKLV�EDE\�*LYH�PH�WKH�FRXUDJH�WR�JULHYH�EXW�WKHQ�WR�PRYH�RQ�IURP�KHUH�$QG�/RUG��LQ�WKH�IXWXUH�ZKHQ�WKH�GXH�GDWH�FRPHV�DURXQG�DQG�RWKHU�ZRPHQ�DUH�GHOLYHULQJ�EDELHV�DQG�KROGLQJ�WKHP�WR�WKHLU�EUHDVWV�KHOS�PH�WR�UHPHPEHU�WKLV�OLWWOH�RQHZKR�ZDV�JURZLQJ�ZLWKLQ�PH�IRU�D�WLPH�DQG�KHOS�PH�WR�EH�WKDQNIXO�IRU�WKH�SULYLOHJH�WKDW�ZDV�PLQH�WR�FRQFHLYH��WR�QXUWXUH��WR�ORYH�DQG�WR�OHW�JR�$0(1�5HY� .D\H� 5RQDOGV�� IURP� WKH� SDULVK� RI� &DSULFRUQ� &RDVW�� 4XHHQVODQG�� RI� 7KH� 8QLWLQJ&KXUFK� LQ� $XVWUDOLD�� ZURWH� WKH� SUD\HU� DERYH� DIWHU� H[SHULHQFLQJ� WZR� GLIILFXOW� NLQGV� RISUHJQDQF\� ORVV�� � ,W� KDV� EHHQ� XVHG� DW� WKH� 0DWHU� +RVSLWDO� LQ� %ULVEDQH� WR� DVVLVW� SDWLHQWVJULHYLQJ�RYHU�SUHJQDQF\�ORVV���$W�WKH�KRVSLWDO�WKH�0DWHU�0RWKHUV�KROG�D�PHPRULDO�VHUYLFHDQG� SDUHQWV� OLJKW� FDQGOHV� IORDWLQJ� RQ� ZDWHU�� � ,W� FRXOG� EH� XVHG� DV� SDUW� RI� D� OLWXUJ\� RIUHPHPEHULQJ� VXFK� DV� D� PHPRULDO� VHUYLFH� RU� LW� FDQ� EH� XVHG� VLPSO\� E\� WKH� SDUHQWV� RUPRWKHU�ZKR�QHHGV�VRPH�ZRUGV�WR�IUDPH�KHU�WKRXJKWV�³,�ZURWH�LW�LQ�������,�EHOLHYH�*RG�JDYH�LW�WR�PH�DV�SDUW�RI�P\�KHDOLQJ�´

Page 117: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

/RUG�*RG��ZH�SUD\�IRU�1¶V�IDPLO\�SDUWQHU��SDUHQWV��FKLOGUHQ��EURWKHUV�DQG�VLVWHUV�&RPIRUW�WKHP�LQ�WKHLU�VDGQHVV�VRRWKH�WKHP�LQ�WKHLU�DQJHU�ZDON�ZLWK�WKHP�WKURXJK�WKHLU�GHSUHVVLRQ�KHDO�WKHP�WKURXJK�WKHLU�JULHI�:H�SUD\�IRU�ZRUNPDWHV�DQG�IULHQGV�PDQ\�RI�ZKRP�ZLOO�EH�MXVW�DV�VKRFNHG�DV�ZH�DUH�:H�SUD\�IRU�SHRSOH�LQ�WKH�XQLW��FRPSDQ\��LQVWLWXWLRQ��FRPPXQLW\�ZKR�DUH�GLVPD\HG�EHZLOGHUHG��DQJU\�:H�SUD\�IRU�RWKHUV�RQ�WKH�VFHQH�DW�WKH�WLPH��������11��111��DQG�1111�:H�SUD\�IRU�WKRVH�ZKR�FDPH�TXLFNO\�WR�KHOS����PHGLFV��SROLFH�DQG�ILUH�EULJDGH�:H�SUD\�IRU�WKRVH�ZKR�ZLOO�EH�LQYROYHG�LQ�WKH�LQYHVWLJDWLRQV�WKDW�WKH\�PD\�EH�GLOLJHQW�DQG�WKRURXJK�DQG�IRU�WKRVH�ZKR�ZLOO�SURYLGH�FRXQVHOOLQJ�VXSSRUW�WKDW�DV�WKH\�OLVWHQ�WR�WKH�VWRULHV�WKH\�EHDU�WKH�SDLQ�)RUJLYH�DQ\WKLQJ�ZKLFK�ZH�PD\�KDYH�PLVVHG�RU�ZLVK�ZH�KDG�VDLG�+HOS�XV�WR�DFFHSW�WKH�LQDGHTXDF\�RI�WKH�ZRUG�µDFFLGHQW¶�$VVLVW�XV��/RUG��WR�IHHO��WR�JULHYH��WR�DFFHSW�DQG�WKHQ�WR�µFDUU\�RQ¶�WKURXJK�WKH�SRZHU�RI�WKH�+RO\�6SLULW�LQ�WKH�QDPH�RI�-HVXV�&KULVW�RXU�/RUG� $0(1�

7KLV�SUD\HU��DOVR�ZULWWHQ�E\�5HY�.D\H�5RQDOGV��ZDV�XVHG�GXULQJ� D�&KXUFK� VHUYLFH� KHOGZLWKLQ�DQ�$UP\�5HVHUYH�8QLW� WKH�GD\�DIWHU�D�\RXQJ� IHPDOH�VROGLHU�ZDV�DFFLGHQWDOO\�VKRWDQG�NLOOHG�RQ���WK�6HSWHPEHU�������,W�KDV�EHHQ�UHZULWWHQ�WR�UHPRYH�UHIHUHQFHV�WR�SHRSOH�LQYROYHG�VR�WKDW� LW�PD\�EH�XVHIXO� LQDQ\�DFFLGHQW�VLWXDWLRQ��DQG�FRXOG�EH�IXUWKHU�DOWHUHG�WR�ILW�VXFK�VLWXDWLRQV�

Page 118: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

,Q�0D\�������ZKHQ�PLQLVWHU�DW�&DPSHUGRZQ��9LF���8QLWLQJ�&KXUFK� LQ�$XVWUDOLD��5HY�5RE*RWFK��ZDV�UHWXUQLQJ� IURP�D�UHWUHDW� LQ�%DOODUDW�� WKDW�ZDV�IRU�RUGDLQHG�SHRSOH� LQ� WKHLU�H[LWDSSRLQWPHQW���5RE�ZULWHV�³7KH�UHWUHDW�SURYLGHG�D�VLJQLILFDQW�RSSRUWXQLW\� IRU�PH� WR� UHIOHFW�XSRQ� WKH� MR\�DQG�SDLQ�RIFKXUFK�UHODWLRQVKLSV��������$V�,�GURYH�WKURXJK�WKH�EXVK�ODQG�QHDU�(QILHOG�,�ZDV�VWUXFN�E\�WKHFRORXUV� RI� EODFN� DQG� JUHHQ�� � $IWHU� D� EXVKILUH� LQ� WKH� DUHD� VRPH� �� \HDUV� EHIRUH�� WKHEODFNQHVV�ZDV�QRZ�FRYHUHG�ZLWK�QHZ�OLIH���,�GURYH�RQ�DQG�XSRQ�DUULYLQJ�KRPH��SHQQHG�WKHIROORZLQJ�SRHP�� LQ�ZKLFK�WKH�WKHPHV�RI� WKH�UHWUHDW�DQG�WKH�EXVKILUH�FDPH� WRJHWKHU�� �7KHSRHP�LV�D�OLWDQ\�RQ�WKH�ILUH�DQG�\HW�,�SUHIHU�WR�FDOO�LW�±

$�3DUDEOH�RI�WKH�&KXUFK&ULPVRQ�VPRNH�LQ�WKH�QLJKW�VN\��D�EHDXWLIXO�SLFWXUH�RI�IHDU�7KH�DQLPDOV�UXQ�EXW�WKH�WUHHV��RK�����WKH�WUHHV��URRWHG�WR�WKH�VSRW��IUR]HQ�WR�WKH�JURXQGZKLFK�QXUWXUHV��WLHG�WR�WKHLU�SODFH�RI�ELUWK�'HDWK�DSSURDFKHV�LQQRFHQFH���3DLQ�7HUULEOH��ZLWKHULQJ��UHOHQWOHVV�SDLQGLVWRUWV�DQG�FKDUV��PDLPV�DQG�EODFNHQV�7KH�SDLQ�SDVVHV�DV�TXLFNO\�DV�LW�FDPH�EXW�WKH�KHDW�OLQJHUV�IRU�HWHUQLW\��DQGWKH�LQMXUHG�VRXO�UHWUHDWV�LQWR�REOLYLRQ�%XW�HYHQ�HWHUQLW\�LV�QRW�IRUHYHU�7KH�VRXO�UHPHPEHUV�WKH�FRORXU�RI�JUHHQ�DQGWKH�PRYHPHQW�RI�OLPEV���OLIH�LQ�DOO�LWV�IXOOQHVV�7KH�VRXO�SUREHV�WKH�FKDUUHGDQG�EODFNHQHG�SDUWV�ORRNLQJ�IRU�VLJQV�)XWLOLW\�ORQJLQJ IRU�IHUWLOLW\��WKH�VRXO�ILQGVSRZHU�QRW�LQ�LWVHOI�EXW�LQ�WKH�YHU\�JURXQGWKDW�KHOG�LW�IRU�GHDWK���/LIH�IORZV��DQGGHDWK�LWVHOI�PXVW�UHWUHDW�IRU�D�WLPH���/LPEVVWUHWFK�RXW�JUHHQ��WHQWDWLYHO\�DW�ILUVW�IRUIHDU�RI�KHDW��WR�DEVRUE�ZDUPWK�DQG�WR VLQJWKH�VRQJ�RI�OLIH�ZLWK�RWKHU�VRXOV�7RJHWKHU�WKH\�VWDQG��LQ�WKH�VDPH�JURXQG�XQGHU�WKH�VDPH�VXQ��VRXOV�VKDULQJ�SXUSRVHDQG�GHVWLQ\���2QFH�PRUH�D�FDQRS\�RI�JUDFH�RQFH�PRUH�D�SDQRSO\�RI�OLIH�

5HY�5RE�*RWFK$VFRW�9DOH�8QLWLQJ�&KXUFK�LQ�$XVWUDOLD��9LFWRULD

Page 119: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

2XU�FRPPXQLW\�LV�VKDNHQ����&RPH�TXLFNO\��/RUG�*RG��DQG�KHOS�XV�FDOP�WKH�VWRUP�LQ�RXU�OLYHV�$�VDYDJH�ZLQG�KDV�VWULSSHG�WKH�WUHH�EDUH�DQG�VWUDLQV�DW�LWV�URRWV�LQ�WKH�HDUWK�2XU�FRPPXQLW\�LV�VKDNHQ�DQG�VKDWWHUHG�RXU�YLVLRQ�RI�OLIH�WRJHWKHU�VQDWFKHG�DZD\�&RPH�TXLFNO\��/RUG�*RG��DQG�KHOS�XV�DV�\RX�KDYH�DOZD\V�KHOSHG�WKRVH�ZKR�FDOO�RXW�WR�\RX�2SHQ�XS�D�ZD\�IRU�XV�UHVWRUH�RXU�KRSH�LQ�\RX�DQG�RXU�WUXVW�LQ�HDFK�RWKHU�/HW�\RXU�PLJKW\�KDQG�GLVSHO�WKH�GDUN�FORXGLQ�ZKLFK�ZH�DUH�ORVW�DQG�JHQWO\�OHDG�XV�WRZDUG�\RXU�KRSH�DQG�OLIHIRU�DOO�WKH�ZRUOG�

,QVSLUHG�E\�,VDLDK������������5HY�-HII�6KURZGHU��0HUEHLQ�8QLWLQJ�&KXUFK��9LFWRULD

Page 120: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

7ZR�3UD\HUV�IURP�D�)XQHUDO�IRU�D�6WLOO�%RUQ�%DE\/RYLQJ�/RUG��ZH�EXUQ�D�SDOP�OHDI�FURVV�WR�UHFRJQLVH�WKDW�OLNH�OLWWOH�1��ZH�DUH�EXW�GXVW�DQGWR�GXVW�ZH�VKDOO�UHWXUQ��IRU�IURP�WKH�PRPHQW�RI�FRQFHSWLRQ�ZH�DUH�ERUQ�WR�GLH�%HOLHYHUV�DUH�D�SHRSOH�RI�WKH�5HVXUUHFWLRQ���RXU�OLIH�DQG�KRSH�LV�YHVWHG�LQ�&KULVW�WKH�/RUG�:H� KDYH� EHHQ� WKURXJK� ELUWK� DQG� GHDWK�� DQG� ILUH� DQG� DVKHV�� ZLWK� D� GHHS� VHQVH� RIUHPHPEHULQJ�� � $VK� LV� WKH� UHPQDQW� RI� VRPHWKLQJ�EXUQHG�� EXW� LW� LV� DOVR� D� IHUWLOLVHU� RI� WKH(DUWK���2XW�RI�WKH�DVKHV�QHZ�OLIH�VSULQJV�IRUWK�DV�D�EXUVW�RI�YLWDOLW\��D�GHILDQFH�DIWHU�HYHQWKH�JUHDWHVW�GLVDVWHU�2XU�MRXUQH\�WKURXJK�OLIH�FDQ�EULQJ�ERWK�D�ZLOGHUQHVV�LQ�ZKLFK�ZH�EHFRPH�ORVW�DQG�DIUDLG�H[SHULHQFLQJ�SDLQ��GHVSDLU�DQG�GLVDSSRLQWPHQW��RU�WKH�GLVFRYHU\�RI�D�IHUWLOH�GHVHUW�RIIHULQJVXUSULVH�� MR\�� ORYH� DQG� ODXJKWHU�� � :H� QHHG� WR� HQWHU� DQG� H[SHULHQFH� ERWK� WR� UHDOO\HQFRPSDVV� OLIH�� � 7KH� SDWK� FDQ� EH� D� ORQJ� RQH�� VWUHZQ� ZLWK� PLVWDNHV�� WHQWDWLYH� VWHSV�LQMXVWLFHV�DQG�WKH�FULHV���QRW�RQO\�RI�DQJXLVK��EXW�DOVR�RI�ORYH��FRPSDVVLRQ�DQG�H[XOWDWLRQ�$ORQJ�WKLV�SDWK�ZH�FDQ�ORRN�EDFN��VWXPEOH��DQG�HYHQ�EH�RQ�WKH�SRLQW�RI�WXUQLQJ�EDFN��RU�ZHFDQ� WDNH�XS� WKH� FKDOOHQJH�RI� VKDULQJ� WKLV� URDG� ZLWK� RWKHUV�� SHUKDSV� FKDQJLQJ� GLUHFWLRQ�DOORZLQJ�RXUVHOYHV�WR�GLVFRYHU�WKH�MR\�RI�WKDW�IHUWLOH�GHVHUW�ZKLFK�&KULVWLDQV�FDOO�*RG�

$0(1�&RPPHQGDWLRQ/RYLQJ�/RUG��ZH�RIIHU�WKDQNV�IRU�WKH�SULYLOHJH�DQG�SOHDVXUH�\RX�JUDQWHG�HDFK�RI�XV��WKURXJKWKH�ELUWK�RI� WKLV�FKLOG��111��DQG�IRU� WKH�PDQ\� MR\V�KH�VKH� OHDYHV�ZLWK�XV�� �:H�DOVR�RIIHU\RX�RXU�VDGQHVV��DV�ZH�UHWXUQ�1�WR�\RX��D�OLWWOH�IORZHU�MXVW�OHQW��QRW�JLYHQ��WR�EXG�RQ�HDUWKDQG�EORRP�LQ�KHDYHQ���0LQGIXO�RI�\RXU�JLIW�RI�HWHUQDO�OLIH�DQG�FRQILGHQW�LQ�WKH�ORYH�\RX�KDYHIRU�DOO��ZH�FRPPHQG�1�WR�\RXU�FDUH��LQ�WKH�1DPH�RI�&KULVW�RXU�/RUG��ZKR�OLYHV�DQG�UHLJQVZLWK�\RX�DQG�WKH�+RO\�6SLULW�IRUHYHU� $0(1�

0UV�.D\H�0LWFKHOO��&DPSHUGRZQ��9LFWRULD���ZKR�LV�D�/D\�3UHDFKHU�RI�WKH�8QLWLQJ�&KXUFK�LQ$XVWUDOLD�ZLWK�D�VSHFLDOLVW�PLQLVWU\�LQ�OHDGLQJ�IXQHUDOV�

Page 121: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

/LWDQ\�RI�&RPIRUW³%ULQJLQJ�RXU�SDLQ�WR�WKH�FURVV´9RLFH��� ,¶P�WLUHG�DQG�GLVFRXUDJHG�9RLFH��� ,¶P�KXUW�DQG�GHVSDLULQJ�9RLFH��� 1RERG\�XQGHUVWDQGV�*URXS��� 'RQ¶W�\RX�NQRZ"*URXS��� +DYHQ¶W�\RX�KHDUG"/HDGHU� 7KRVH�ZKR�WUXVW�LQ�*RG�IRU�KHOS�ZLOO�ILQG�WKHLU�VWUHQJWK�UHQHZHG�6XQJ�5HVSRQVH����³2�/RUG��KHDU�P\�SUD\HU�����´����7DL]H�9RLFH��� ,¶P�ZRUULHG�DQG�DIUDLG�9RLFH��� ,¶P�ZHDU\ DQG�GLVLOOXVLRQHG�9RLFH��� 1RERG\�OLVWHQV�*URXS��� 'RQ¶W�\RX�NQRZ"*URXS��� +DYHQ¶W�\RX�KHDUG"/HDGHU� 7KRVH�ZKR�WUXVW�LQ�*RG�IRU�KHOS�ZLOO�ILQG�WKHLU�VWUHQJWK�UHQHZHG�6XQJ�UHVSRQVH�����³2�/RUG��KHDU�P\�SUD\HU«�´���7DL]H�9RLFH��� ,¶P�VDG�DQG�ORQHO\�9RLFH��� ,¶P�EUXLVHG�DQG�EDWWHUHG�9RLFH��� 1RERG\�FDUHV�*URXS��� 'RQ¶W�\RX�NQRZ"*URXS��� +DYHQ¶W�\RX�KHDUG"/HDGHU� 7KRVH�ZKR�WUXVW�LQ�*RG�IRU�KHOS�ZLOO�ILQG�WKHLU�VWUHQJWK�UHQHZHG�6XQJ�5HVSRQVH�����³2�/RUG���KHDU�P\�SUD\HU�����´���7DL]H�$OO� 7KH\�ZLOO�ULVH�RQ�ZLQJV�OLNH�HDJOHV�WKH\�ZLOO�UXQ�DQG�QRW�JHW�ZHDU\�WKH\�ZLOO�ZDON�DQG�QRW�JURZ�ZHDN�/HDGHU���7KLV�LV�WKH�ZRUG�RI�WKH�/RUG�$OO� 7KDQNV�EH�WR�*RG� %DVHG�RQ�,VDLDK�����������

Page 122: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

3UD\HUV�RI�WKH�3HRSOH³%HKROG�WKH\�VD\��µ2XU�ERQHV�DUH�GULHG��XS��DQG�RXU�KRSH�LV�ORVW�ZH�DUH�FOHDQ�FXW�RII�´� (]HNLHO������/� *RG�RI�KRSHZH�EULQJ�EHIRUH�\RXWKRVH�ZKRVH�OLYHV�DUH�GULHG�XS�:H�SUD\�IRU�WKRVH�GULHG�XSE\�GLVDSSRLQWPHQWE\�ELWWHUQHVVE\�IDLOXUHE\�SK\VLFDO�H[KDXVWLRQ����:H�SUD\�IRU�WKRVH�GULHG�XSE\�JULHIE\�JXLOWE\�DQJHUE\�GHVSDLU����5� &RPH�IURP�WKH�IRXU�ZLQGV�2�EUHDWK�RI�*RG�DQG�EUHDWKH�XSRQ�WKHVHWKDW�WKH\�PD\�OLYH�DQHZ�/� *RG�RI�KRSH�ZH�EULQJ�EHIRUH�\RXWKRVH�ZKRVH�KRSH LV�ORVW�:H�SUD\�IRU�SHRSOHSHUVHFXWHGYLRODWHGOHIW�IRU�GHDG���:H�SUD\�IRU�SHRSOHEHZLOGHUHGGLVLOOXVLRQHGDSDWKHWLF����5� &RPH�IURP�WKH�IRXU�ZLQGV�2�EUHDWK�RI�*RG�DQG�EUHDWKH�XSRQ�WKHVHWKDW�WKH\�PD\�OLYH�DQHZ�/� *RG RI�KRSHZH�EULQJ�EHIRUH�\RXWKRVH�ZKR�IHHO�WKHPVHOYHV�FXW�RII�:H�SUD\�IRU�WKRVH�FXW�RIIE\�DJHE\�GLVDELOLW\E\�SRYHUW\E\�WKRXJKWOHVVQHVV���

Page 123: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

/� :H�SUD\�IRU�WKRVH�FXW�RIIIURP�IDPLO\IURP�QHLJKERXUVIURP�WKHLU�KRPHIURP�*RG����5� &RPH�IURP�WKH�IRXU�ZLQGV�2�EUHDWK�RI��*RG�DQG�EUHDWKH�XSRQ�WKHVHWKDW�WKH\�PD\�OLYH�DQHZ�/� *RG�RI�KRSHZH�WKDQN�\RX�IRU�WKH�SURPLVHRI�UHVWRUDWLRQRI�D�QHZ�GD\DQG�D�QHZ�OLIH�5� 7KDQNV�EH�WR�*RG&UHDWRU6DYLRXU6SLULW� $0(1�

7KHVH�WZR�SUD\HUV�ZHUH�RULJLQDOO\�LQFOXGHG�LQ�µ,GHDV�IRU�:RUVKLS¶��-%&(��0HOERXUQH�������DQG�ZHUH�XVHG�LQ�µ1HZ�/LIH�IURP�'URXJKW¶��3KLOLS�/LHEHOW��1RHO�1LFKROOV��HG��µ*HQWOH�5DLQ�RQ�3DUFKHG�(DUWK¶� -%&(��0HOERXUQH��������S�������8VHG�ZLWK�SHUPLVVLRQ�

Page 124: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

$�3UD\HU�RI�7KDQNVJLYLQJ�XVHG�GXULQJ�D�7LPH�RI�)ORRG*RG� RXU� )DWKHU�� ZH� JLYH� WKDQNV� IRU� WKH� SHRSOH� RI� 1��� ZKR� KDYH� VKDUHG�VXSSRUWHG�DQG�ZRUNHG�WRJHWKHU�DV�RQH�IDPLO\� LQ�WKH�PLGVW�RI�GLVDVWHU�� IRU�DOO�RIWKHP�:H�SUDLVH�DQG�WKDQN�\RX��2�/RUG�)RU� WKH� FDUHIXO� SODQQLQJ�� TXLFN� WKLQNLQJ�DQG� FRXUDJHRXV� DFWLRQ� WKDW� SUHVHUYHGOLIH�LQ�1��DQG�IRU�WKH�JLIW�RI�OLIH�LWVHOI�:H�SUDLVH�DQG�WKDQN�\RX��2�/RUG�)RU� WKH� YDULHW\� RI� VNLOOV� DQG� VHUYLFHV� WKDW� ZHUH� JLYHQ� DQG� HPSOR\HG� WR� EULQJDERXW� RUGHU� LQ� WKH� PLGVW� RI� � IORRGHG� FKDRV�� IRU� DOO� (PHUJHQF\� :RUNHUV�� WKH&RXQFLO��3ROLFH��6�(�6���7HOVWUD��DQG�WKH�KRVSLWDO��IRU�WKH�JLIWV�DQG�VNLOOV�RI�WKHVHSHRSOH�:H�SUDLVH�DQG�WKDQN�\RX��2�/RUG�)RU�WKH�ZDUPWK�DQG�JHQHURVLW\�RI�WRZQVSHRSOH�DQG�IHOORZ�$XVWUDOLDQV�LQ�FRXQWU\DQG�FLW\�FHQWUHV�ZKR�KDYH�SRXUHG�LQWR�WKLV�DUHD�WKHLU�WLPH��PRQH\�DQG�UHVRXUFHVWR�UH�HVWDEOLVK�KRPHV�DQG�EXVLQHVVHV���)RU�WKH�JLIW�RI�ORYH�DQG�JHQHURVLW\�:H�SUDLVH�DQG�WKDQN�\RX��2�/RUG�)RU�*RYHUQPHQW� �� ORFDO�� VWDWH�DQG�FRPPRQZHDOWK� ��ZKR�KDYH�QRW� IRUJRWWHQ� WRFDUH�IRU�SHRSOH�LQ�QHHG���)RU�DOO�RI�WKRVH�LQ�SRVLWLRQV�RI�SRZHU�DQG�DXWKRULW\�:H�SUDLVH�DQG�WKDQN�\RX��2�/RUG�)RU� RXU� VWDQGLQJ� 0LOLWDU\� )RUFHV�� LQ� SDUWLFXODU� RXU� $UP\�� PDUVKDOOHG� LQ� 1�� LQUHVSRQVH� WR� WKH� QHHGV� RI� WKH� SHRSOH� RI� WKH� ODQG�� IRU� WKH� JRRGZLOO�� WKHFKHHUIXOQHVV�DQG�WKRXJKWIXOQHVV�LQ�VHUYLFH�:H�JLYH�SUDLVH�DQG�WKDQNV��2�/RUG�)RU� WHFKQRORJ\� DQG� FRPPXQLFDWLRQ� ZKLFK� ZDUQHG� WKH� WRZQ� DQG� SUHYHQWHGJUHDWHU�GLVDVWHU���ZKLFK�NHSW�LW�LQ�WRXFK�ZLWK�WKH�ZRUOG�RXWVLGH�RI�1��DQG�RSHQHGWKH�ZD\�IRU�RXWVLGH�KHOS�DQG�DVVLVWDQFH�:H�JLYH�SUDLVH�DQG�WKDQNV��2�/RUG�0RVW�RI�DOO��ZH�JLYH�WKDQNV�IRU�WKH�VDIHW\�DQG�FDUH�RI�RXU�FKLOGUHQ�DQG�IDPLOLHV�LQWKLV�SHULORXV�WLPH�)RU� ORYH�DQG�SHDFH� LQ� RXU� KRPHV�� RXU� WRZQ� DQG� LQ� RXU� QDWLRQ��ZH� WKDQN\RX��*RG��WKURXJK�-HVXV�&KULVW�RXU�/RUG�$0(1�

)U�� /LQGVD\�+RZLH��5HFWRU� RI� WKH� $QJOLFDQ� 3DULVK� RI� .HSSHO�� 4XHHQVODQG�� � 7KLV� SUD\HURULJLQDOO\� DSSHDUHG� LQ� 3KLOLS� /LHEHOW� DQG� 1RHO� 1LFKROOV� �HG��� � *HQWOH� 5DLQ� RQ� 3DUFKHG(DUWK��-%&(��0HOERXUQH��������8VHG�ZLWK�SHUPLVVLRQ�

Page 125: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

$57,&/(6

Page 126: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

3UHSDULQJ�D�/LWXUJ\�LQ�5HVSRQVHWR�D�'LVDVWHU1R�WZR�GLVDVWHUV�RU�SHUVRQDO�WUDJHGLHV�DUH�FRPSOHWHO\�DOLNH�� �6LPLODUO\�UHVSRQVHV�WR�VXFKHYHQWV�PDGH�E\�WKH�&KXUFK�DQG�LQGLYLGXDOV��VHHNLQJ�WR�RIIHU�SDVWRUDO�PLQLVWU\��ZLOO�QHHG�WREH� GLIIHUHQW�� � 7KH\�PXVW� EH� UHOHYDQW� WR� WKH� QHHGV� RI� WKH� SHRSOH� LQYROYHG� DQG� DIIHFWHG�7KHUHIRUH� DQ\� VXJJHVWLRQV� PDGH� RQ� SUHSDULQJ� D� OLWXUJ\� LQ� UHVSRQVH� WR� WKHVH�� PXVW� EHFRQVLGHUHG� FDUHIXOO\�� � 7KHUH� LV� QR� IRUP� OLWXUJ\� WKDW� FDQ� EH� PDGH� WR� ILW� HDFK� VLWXDWLRQ�&OHDUO\�� WKH� EHWWHU� RQH� NQRZV� WKH� GHFHDVHG� DQG�RU� KLV�KHU� IDPLO\�� WKH� EHWWHU� RQH� LVHTXLSSHG�WR�FRQGXFW�WKH�IXQHUDO���6LPLODUO\��WKRVH�ZKR�NQRZ�D�FRPPXQLW\��WKH�GHWDLOV�RI�DGLVDVWHU�DQG�WKH�LPSDFW�RI�WKH�ODWWHU�RQ�WKH�IRUPHU��DUH�EHVW�HTXLSSHG�WR�SUHSDUH�D�OLWXUJ\RU�ULWXDO�WKDW�ZLOO�KHOS�WKDW�FRPPXQLW\�DV�LW�JUDSSOHV�ZLWK�WKH�LPSDFW�RI�WKDW�GLVDVWHU���$IWHU�DFRPPXQLW\�H[SHULHQFHV�D�GLVDVWHU�RU�D�IDPLO\�H[SHULHQFHV�D�SHUVRQDO�WUDJHG\�RU�GHDWK��WKHZRUOG�LV�QHYHU�WKH�VDPH�DJDLQ��DQG�QRWKLQJ�ZLOO�PDNH�LW�VR���:H�DUH�FDOOHG�WR�KHOS�SHRSOH�LQWKHLU� MRXUQH\� WKURXJK� OLIH� ZLWK� DOO� WKDW� LW� EULQJV�� �+RSHIXOO\�� LQ� WKDW� MRXUQH\�� ZH�PD\� KHOSWKHP�H[SHULHQFH�*RG¶V�JUDFH��DYDLODEOH�WR�DOO�FUHDWLRQ�$OWKRXJK�LQ�RXU�WLPHV�DQG�VRFLHW\�IHZHU�SHRSOH�DWWHQG�UHJXODU�FKXUFK�VHUYLFHV�WKDQ�LQ�WKHSDVW��WKH�FRPPXQLW\�VWLOO�ORRNV�WR� WKH�&KXUFK�LQ�WLPHV�RI�QHHG�RU�GLVDVWHU�� MXVW�DV� IDPLOLHVGR�IRU�WKH�ULWHV�RI�SDVVDJHV�LQ�WKHLU�OLYHV��

:KDWHYHU� WKH� FRPPXQLW\¶V� PRWLYDWLRQ�� WKLV� UHVSRQVH� WR� YLROHQFH� KLJKOLJKWV� WKHLPSRUWDQFH�RI�WKH�FKXUFK¶V�ULWXDO�FRPSHWHQFH�LQ�HQDEOLQJ�D�FRPPXQLW\��DQG�HYHQ�DQDWLRQ��WR�QHJRWLDWH�D�SDWK�WKURXJK�WUDXPD���$W�WKHVH�WLPHV�WKH�µVKDGRZ¶�RI�KXPDQVRFLHW\�PRYHV�WR�WKH�IRUHJURXQG��DQG�WKH�UHDOLW\�DQG�VHHPLQJ�UDQGRP�RFFXUUHQFH�RIHYLO� DQG�ZURQJGRLQJ� LV� XQDYRLGDEO\� DQG�SDLQIXOO\� SUHVHQW�� � 7KH� FULVHV� FUHDWHG�E\YLROHQW�HYHQWV�LQ�WKH�QDWXUDO�ZRUOG�RU�KXPDQ�VRFLHW\�UHTXLUH�ULWXDO�SDWKZD\V�WR�FRSHZLWK�WKH�VXGGHQ�GLVUXSWLRQ�RI�WKH�HYHU\GD\�SDWWHUQV�RI�OLIH���� �2¶5HLOO\��SS����I��0RVW�SHRSOH��HYHQ�WKRVH�ZKR�KDYH�QR�RWKHU�FRQWDFW�ZLWK�D�FKXUFK��VWLOO�UHO\�RQ�WKHFKXUFKHV�WR�SURYLGH�ULWHV�RI�SDVVDJH��ULWXDOV�WKURXJK�ZKLFK�WKH�PHDQLQJ�RI�WKH�PRVWLPSRUWDQW� WUDQVLWLRQV�RI� OLIH��ELUWK��PDUULDJH�DQG�GHDWK��DUH�V\PEROLVHG�� �)RU� WKRVHDIIHFWHG� E\� LW�� D� GLVDVWHU� LV� D� OLIH� WUDQVLWLRQ� ZKLFK� FDQ� EH� DV� VLJQLILFDQW� DV� WKRVHQRUPDOO\�ULWXDOLVHG�E\�WKH�FKXUFK������ �/HZLV��S����

+LVWRU\� VKRZV� WKDW� WKH�&KXUFK� KDV� DOZD\V� EHHQ� WKHUH� WR� KHOS� SHRSOH� �� LQGLYLGXDOV� DQGFRPPXQLWLHV� �� LQ� WKHLU� WLPH�RI�JUHDWHVW�QHHG�� � ,W� LV�SUREDEOH� WKDW� WKH�&KXUFK�KDV� DOZD\VSURYLGHG� D� ULWXDO� UHVSRQVH� DW� WKHVH� WLPHV�� � :KDW� FOHDUO\� KDV� FKDQJHG� LV� WHFKQRORJLFDOGHYHORSPHQW�WKDW�EULQJV�WKHVH�WUDXPDWLF�HYHQWV�WR�XV�DV�WKH\�KDSSHQ��TXLFNO\�DQG�YLVXDOO\�YLYLGO\� LQWR�WKH�KRPHV�RI�SHRSOH�ZKR�DUH�KDOI�D�ZRUOG�DZD\�RU� LQ� WKHLU�RZQ�FRXQWU\�� �7KHUROH�RI� WKH�PHGLD�ZLOO�EH�GLVFXVVHG�IXUWKHU� ODWHU��EXW� LW�PD\�DOVR�KDYH�D� UROH� LQ� WKH�SRVW�GLVDVWHU�SDVWRUDO�FDUH�RI�D�FRPPXQLW\�RU�QDWLRQ��DV�LW�EHDPV�LPDJHV�RI�PHPRULDO�VHUYLFHVDQG�IXQHUDOV�YLD�WKH�VDPH�PHDQV�DV�WKH�WUDJHG\�LWVHOI�KDV�EHHQ�WUDQVPLWWHG�

Page 127: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

$LPV:KDW�D�SRVW�GLVDVWHU�VHUYLFH�DLPV�WR�DFKLHYH�ZLOO�YDU\�ZLWK� WKH�QDWXUH�RI� WKH�VHUYLFH�� WKHGLVDVWHU� DQG� WKH� UHVXOWDQW� QHHGV� RI� WKH� SHRSOH�� � 2EYLRXVO\� WKH� IRXU� LQLWLDO� VHUYLFHV� DW7KUHGER��DQG�WKH�WKUHH�D�\HDU�ODWHU��KDG�GLIIHUHQW�DLPV��EXW�WKH\�KDG�VRPH�EURDG�RQHV�LQFRPPRQ�� �$� WKDQNVJLYLQJ�VHUYLFH�DIWHU� WKH�1\QJDQ�IORRGV�ZDV�DSSURSULDWH�� �1R�RQH�ZDVNLOOHG�RU�GURZQHG��SHRSOH¶V�KRPHV�UHPDLQHG�VWDQGLQJ��DQG�WKH\�KDG�EHHQ�EOHVVHG�E\�WKHJHQHURVLW\� RI� WKH� $XVWUDOLDQ� SHRSOH�� � :KHUH� KRPHV� DQG� SURSHUWLHV� KDYH� EHHQ� XWWHUO\GHVWUR\HG��³LW�ZDV�OLNH�DQ�DWRP�ERPE�KDG�EHHQ�H[SORGHG´��DQG�ORYHG�RQHV�DQG�OLYHOLKRRGVORVW��DV�LQ�WKH�FDVH�RI�WKH�$VK�:HGQHVGD\�%XVKILUHV��WKH�QHHGV�RI�WKH�SHRSOH�DUH�GLIIHUHQW�$Q\� ORVV� OHDGV� WR�JULHI� ��ZKHWKHU�D� IDPLO\�PHPEHU��D�KRPH��DQ� LUUHSODFHDEOH� WUHDVXUH��DSHW��D�OLYHOLKRRG�RU�³D�ZD\�RI�OLIH�´��/HZLV��S�������$�VHUYLFH�IRU�YLFWLPV�RI�D�GLVDVWHU�� OLNH�DIXQHUDO��VKRXOG�DLG�WKHP�LQ�WKHLU�JULHYLQJ���3DUW�RI�WKLV�LV�WKH�RSSRUWXQLW\�WR�WDON�DERXW�WKHLUH[SHULHQFH��5REHUW��S�������7KRVH�ZKR�KDYH�EHHQ�WKURXJK�D�FRPPXQLW\�GLVDVWHU�QHHG�DQHQYLURQPHQW�LQ�ZKLFK�WR�WHOO�WKHLU�SHUVRQDO�VWRULHV�DQG�KHDU�WKH�H[SHULHQFH�WDONHG�DERXW�LQD�FRPPXQLW\�IRUXP�)RU� WKH� FRPPXQLW\�� 5REHUW� �S����� SRLQWV� WR� WKH� QHHG� IRU� ZRUVKLS� WR� ³UHFODLP� WKH� SXEOLFVSDFH�DV�D�SODFH�RI�OLIH�QRW�GHDWK´�DQG�³UHVWRUH�SHDFH� LQ� WKH�FRPPXQLW\�´� �7KH� IRUPHU� LVLPSRUWDQW�DIWHU�D�PDVVDFUH� LQ�D�YHU\�SXEOLF�SODFH�RU�ZKHUH�QDWXUDO�GLVDVWHUV�FODLP� OLYHV�$QRWKHU� LVVXH� KHUH� LV� ZKHQ� WKH� FRPPXQLW\� LV� DFWXDOO\� DEOH� WR� UHWXUQ� WR� WKH� VLWH� RI� DGLVDVWHU���)RU�WKRVH�RI�7KUHGER��WKH�ILUVW�RSSRUWXQLW\�WR�GR�WKLV�ZDV�WZHOYH�PRQWKV�DIWHU�WKH6OLS��ZKHQ�D�FDQGOH�OLW�YLJLO�ZDV�KHOG�DW�WKH�H[DFW�WLPH�7KLV�ZDV�NHSW�ORZ�NH\��WKHUH�ZHUH�QR�IRUPDOLWLHV�DW�DOO���:H�KDG�FDQGOHV�DYDLODEOHIRU� SHRSOH� �������� EXW� PDQ\� EURXJKW� WKHLU� RZQ�� 7KH\� FDPH� DQG� ZHQW� DV� WKH\QHHGHG�WR�DQG�ORRNHG�GRZQ�RQ�WKH�VLWH�DQG�UHPHPEHUHG���0DQ\�FOLPEHG�GRZQ�RQWKH�VLWH�DQG�VDW���7KLV�ZDV�WKH�ILUVW�WLPH�WKH\�KDG�EHHQ DOORZHG�RQ�WKH�VLWH�VR�LW�ZDVLPSRUWDQW� IRU� WKHP�� � 2QH� JURXS� VWRRG� RQ� D� QHDUE\� EDOFRQ\� DQG� VDQJ� µ$PD]LQJ*UDFH¶�� � 7KH\�GLGQ¶W� NQRZ� WKH� ZRUGV� EXW� WKH\� VDQJ� LW� DQ\ZD\�� �:H� IRXQG� LW� ZDVLPSRUWDQW�WR�EH�WKHUH�EXW�QRW�WR�LQWHUIHUH���� �3V��*UDKDPH�$EUDKDPV�7KH�VHFRQG�RI�WKHVH�DLPV� LV�XQOLNHO\� WR�EH�DFKLHYHG�E\�DQ\�VHUYLFH�DORQH���6RPHWLPHV�DQXPEHU� RI� VHUYLFHV�� FRQWLQXLQJ� WKURXJK� WR� WKH� DQQLYHUVDU\�� KHOS� WR� GHYHORS� D� VHQVH� RIUHVWRUDWLRQ�� � )RU� ERWK� WKH� FRPPXQLW\� DQG� LWV� LQGLYLGXDO�PHPEHUV�� WKHUH� LV� D� SHDFH� WKDWKDYLQJ� EHHQ� ORVW�� QHHGV� UHVWRULQJ� DV� SDUW� RI� WKH� QRUPDO� SURFHVV� RI� JULHYLQJ�� � 3HUVRQDOSDVWRUDO�FDUH�DQG�FRXQVHOOLQJ��SURYLVLRQ�RI�PDWHULDO�QHHGV�DQG�UHEXLOGLQJ�SURSHUW\�PD\�DOOFRQWULEXWH� WR�SHDFH�UHVWRUDWLRQ�� �$�VHUYLFH�FDQ�DOVR�DLP�WR�SURYLGH�DVVXUDQFH�RI� WKLV�RQ�JRLQJ�FDUH���5REHUW��S���&OHDUO\�WKRXJK��WKHUH�LV�DQRWKHU�DLP�WKDW�LV�DW�WKH�FRUH�RI�DQ\�&KULVWLDQ�FHOHEUDWLRQ��VHUYLFHRU� ULWH� RI� SDVVDJH� DQG� WKDW� LV� WR� PDNH� SHRSOH� DZDUH� RI� *RG¶V� QHYHU�HQGLQJ� ORYH� DQGSUHVHQFH���2¶5HLOO\�VSHDNV�RI�WKH�³ULWHV´�WKDW�³SURYLGH�UHOLDEOH�PHDQV�WR�UHFHLYH�JUDFH�DQGWR� JLYH� H[SUHVVLRQ� WR� LWV� SUHVHQFH�� RU� QHHG� RI� LW�� LQ� WKH� OLYHV� RI� LQGLYLGXDOV� DQGFRPPXQLWLHV�´��S�������/DWHU�VKH�ZULWHV����� WKH� ORYH�RI�*RG� LV�GLUHFWHG�WRZDUGV�DOO�SHRSOH�DQG�WKH�ZKROH�FUHDWLRQ�� � IRU� WKHKHDOLQJ� RI� KXUWV� DQG� WKH� UHFRQFLOLQJ� RI� ZKDW� LV� VHSDUDWHG� DQG� VXQGHUHG� LQ� WKHKXPDQ� DQG� FRVPRORJLFDO� FRPPXQLW\�� � 7KLV� ORYH� LV� PHGLDWHG� XQLTXHO\� LQ� -HVXV&KULVW��������7KXV�WKHVH�OLWXUJLHV�DUH�&KULVWLDQ�ZRUVKLS�RIIHUHG�IRU�WKH�SDVWRUDO�FDUH�RIWKRVH� ZKR� FRPH� VHHNLQJ� LW�� ZKHWKHU� PHPEHUV� RI� ���� FKXUFKHV�� RU� RI� WKH� ZLGHUFRPPXQLW\�ZKLFK�JHQHUDOO\�RQO\�DFNQRZOHGJHV�WKH�QHHG� WR�FHOHEUDWH�RU� ODPHQW� LQWLPHV�RI�SDUWLFXODU�MR\�RU�QHHG��� �2¶5HLOO\��S�����

Page 128: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

$V�DOUHDG\�VXJJHVWHG��SHRSOH� LQ�ZHVWHUQ�VRFLHW\�DUH� OHVV�DWWUDFWHG� WR�FKXUFKHV� WRGD\��DYLHZ�FKDPSLRQHG�LQ�WKH�PHGLD��ZKLFK�RIWHQ�PRFNV�WKH�LQVWLWXWLRQ�IRU�LWV�DQWLTXDWHG�YDOXHV�GLVXQLW\� DQG� LUUHOHYDQFH�� � <HW� DW� ULWHV� RI� SDVVDJH�� DQG� HVSHFLDOO\� DW� WLPHV� RI� VDGQHVV�GLVWUHVV�DQG�GHHS�ORVV��SHRSOH�EHOLHYH�WKH\�FDQ�ILQG�WKLV�LQ�D�FKXUFK��RU�DW�OHDVW�LQ�*RG���6RWKH\� WXUQ� WR� WKH� &KXUFK� DQG� ZRUVKLS� VHUYLFHV� RIIHUHG� WR� KHOS� SHRSOH� LQ� WKHLU� JULHI� DQGORVWQHVV��� ,URQLFDOO\�� WKH�PHGLD�KDV�FRPH�WR�VHH� LPSRUWDQFH� LQ�EURDGFDVWLQJ� WKHVH� WR� WKHZLGHU�FRPPXQLW\�LQ�QHZV�VWRULHV�RU�DV�ZKROH�VHUYLFHV���7KH�F\QLF�VHHV�WKH�PHGLD�FDVKLQJLQ�RQ�D�SXEOLF�LQWHUHVW�VWRU\��EXW�DQRWKHU�YLHZ�KHOG�E\�5H[�+XQW�LV�WKDW�WKH\�IXOILO�D�YDOXDEOHUROH����µ7KH�PHGLD�DV�OLWXUJLVWV¶�LQ�³/LWXUJ\��/LWXUJLVWV�DQG�3W��$UWKXU�´�S�����7KHUH�LV�IDLWK�RXW�WKHUH�LQ�WKH�FRPPXQLW\��HYHQ�LI�QRW�H[HUFLVHG�IRUPDOO\�RQ�6XQGD\V��DQGWKRVH�SUHSDULQJ�VHUYLFHV� LQ� WKH�ZDNH�RI�GLVDVWHUV�DQG�HYHQ� IXQHUDOV��RXJKW� WR� UHFRJQLVHWKHVH�RSSRUWXQLWLHV�DV�WLPHV�WR�QXUWXUH�WKLV�IDLWK���,W�LV�LQ�WLPHV�RI�JUHDW�GLVWUHVV�WKDW�SHRSOHPD\�H[SHULHQFH�³WKH�QHDUQHVV�RI�*RG´��DV�/DXULH�*UHHQ�ZULWHV����� :KHQ�DVNHG�ZKHWKHU�RU�QRW�WKH\�EHOLHYH�LQ�*RG������PDQ\�ZLOO�VD\�WKDW�WKH\�GR�DQG�PDQ\�ZLOO�JR� IXUWKHU�DQG�ZLWQHVV� WR�DQ�H[SHULHQFH�RI� WKH�QHDUQHVV�RI�*RG� LQWKHLU�RZQ�OLYHV���6RPH�IHHO�WKDW�WKH�&KULVWLDQ�IDLWK�HVSHFLDOO\�KROGV�RXW�D�SURPLVH�RIPHDQLQJ� DQG� YDOXH� ZKLFK� WKH\� \HDUQ� IRU�� DQG� RI� ZKLFK� WKH\� KDYH� KDG� VRPHJOLPSVHV�ZLWKLQ�WKHLU�RZQ�H[SHULHQFH��/DXULH� *UHHQ�� /HW¶V� 'R� 7KHRORJ\�� $� 3DVWRUDO� &DUH� 5HVRXUFH� %RRN�0RZEUD\�� *UHDW�%ULWDLQ��������LQ�5REHUW��S���2¶5HLOO\� VXPPDULVHV� WKHVH� DLPV�� VSHDNLQJ� RI� WKH� SHRSOH� ORRNLQJ� ³WR� WKH� FKXUFKHV� DQGOHDGHUV� RI� RWKHU� UHOLJLRQV� WR� JDWKHU� WKH� FRPPXQLW\� WR� H[SUHVV� WKHLU� JULHI� DQG� VHQVH� RIGLVRUGHU��DQG�WR�UHVWRUH�KRSH�DQG�UHRULHQW�WKH�FRPPXQLW\�´��(OVHZKHUH�VKH�VXJJHVWV�³WKHFULVHV�FUHDWHG´�E\�GLVDVWHUV�³UHTXLUH ULWXDO�SDWKZD\V�WR�FRSH�ZLWK�WKH�VXGGHQ�GLVUXSWLRQ�RIWKH�HYHU\GD\�SDWWHUQV�RI� OLYLQJ�´� � �2¶5HLOO\��SS������������� �$QRWKHU�XQGHUVWDQGLQJ�RI� WKHUROH�RI�GLVDVWHU�OLWXUJLHV�VSHDNV�RI�WKH�FHQWUDO�HYHQWV�RI�RXU�IDLWK���³&RPPXQLW\�SHRSOH�ZLOOEH� KHOSHG� WR�PRYH� DZD\� IURP� WKH� FUXFLIL[LRQ� LQWR� WKH� UHVXUUHFWLRQ� RI� QHZ� OLIH�´� �5REHUW�S����7KHVH�DLPV�DUH�FORVHO\� OLQNHG� WR� WKH� ³HVVHQWLDO� LQJUHGLHQWV�RI�D�&KULVWLDQ� ULWXDO´�� � 7KLV� LVVHHQ� LQ� WKH� IROORZLQJ� OLVW� RI� ³HVVHQWLDOV´� ZKLFK� ZLOO� EH� H[SDQGHG� XSRQ� LQ� WKH� IROORZLQJVHFWLRQV�D� 7KH� JDWKHUHG� SHRSOH� PXVW� EH� DEOH� WR� VHQVH� WKH� µVSHFLDOQHVV¶� RI� WKH� RFFDVLRQ�7KHUH�PXVW�EH�FOHDUO\�GHILQHG�HQWU\�DQG�H[LW�SRLQWV�E� 7KHUH�PXVW�EH�FOHDUO\�GHILQHG�OLQNDJH�ZLWK�RXU�IDLWK�WUDGLWLRQ�DV�SHRSOH�DUH�KHOSHG�WRGHDO�ZLWK�WKH�SUHFDULRXVQHVV�RI�OLIH�F� 7KHUH�QHHGV�WR�EH�UHFLSURFDO�UHDFWLRQ�WR�DQG�IURP�*RG���$�WLPH�IRU�VSHDNLQJ�WR�*RGDQG�D�WLPH�IRU�OLVWHQLQJ�����G� 7KHUH�QHHGV�WR�EH�FOHDU��XQHPEDUUDVVHG�OHDGHUVKLS�ZKLFK�LV�DSSURSULDWHO\�PDUNHG��*UDKDP� +XJKHV¶� /HFWXUH� 1RWHV� IURP� 8QLWHG� 7KHRORJLFDO� &ROOHJH�� LQ� 5REHUW�S����

Page 129: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

7LPLQJ�DQG�2WKHU�$JHQGD:KHQ� WR� KROG� D� VHUYLFH� ZLOO� DWWUDFW� GLYHUVH� RSLQLRQ�� GHSHQGLQJ� RQ� WKH� GLIIHUHQWFLUFXPVWDQFHV�RI�WKH�GLVDVWHU�DQG�LWV�HIIHFW�RQ�D�GHILQHG�FRPPXQLW\���7KLV�UHTXLUHV�VRPHVSHFXODWLRQ��ZLWK�QR�FHUWDLQW\�RI�D�GHILQLWLYH�DQVZHU���³,W�WDNHV�D�JUHDW�GHDO�RI�VHQVLWLYLW\�WRJDXJH�ZKHQ�LW� LV�WKH�µULJKW�WLPH¶�WR�PRYH�WKH�FRPPXQLW\´�IURP�WKH�FUXFLIL[LRQ�VWDJH��WR� WKH³FHOHEUDWLRQ�RI�UHVXUUHFWLRQ´����5REHUW��S����,Q� WKHVH� OLWXUJLFDO� UHVRXUFHV�� WKHUH� DUH� VHUYLFHV� KHOG� ZLWKLQ� ��� KRXUV� RI� WKH� HYHQW�� � )RUH[DPSOH��WKH�EXV�FUDVK�DW�0DU\ERURXJK�DQG�WKH�7KUHGER�GLVDVWHU���,Q�WKH�IRUPHU�FDVH��WKHQDPHV� RI� WKH� GHDG� KDG� QRW� EHHQ� DQQRXQFHG�� DOWKRXJK� WKH\� ZHUH� DOO� NQRZQ� LQ� WKHFRPPXQLW\�� � 7KH� FKXUFKHV� IHOW� LPPHGLDWH� UHVSRQVH� ZDV� QHHGHG� EHFDXVH� RI� WKH� VKRFNJHQHUDWHG�E\�WKH�DFFLGHQW�,Q� WKH� FDVH�RI� 7KUHGER�� LQLWLDO� VHUYLFHV�ZHUH�KHOG� RQ� WKH� WZR�GD\V� DIWHU� WKH� 6OLS� RQ� WKH7KXUVGD\�QLJKW���(VVHQWLDOO\�WKH�ORFDO�PLQLVWHUV�ZHUH�JDWKHULQJ�WKH�SHRSOH�WRJHWKHU�WR�SUD\DV�H[FDYDWLRQ�RI� WKH�VLWH�VHDUFKLQJ� IRU�VXUYLYRUV�DQG�ERGLHV�FRQWLQXHG�� �7KLV�ZDV�DOVR�DUHVSRQVH�WR�WKH�LPSDFW�RI�VKRFN��DJDLQ�RQ�D�FORVH�NQLW�FRPPXQLW\��ZKR�ZRXOG�KDYH�NQRZQZKR�ZDV�PLVVLQJ����7KH�RQO\�VXUYLYRU�ZDV�GXJ�RXW�RQ�WKH�6DWXUGD\����2Q�WKH�0RQGD\�ZDVWKH�RIILFLDO�QDWLRQDO�VHUYLFH�FDOOHG�D�³3UD\HU�6HUYLFH� IRU� WKH�(FXPHQLFDO�*DWKHULQJ´�� � 7KHHDUO\�VHUYLFHV�ZHUH�QRW�JLYHQ�D�QDPH�VR�WKH�PHGLD�FDOOHG�WKHP�0HPRULDO�6HUYLFHV�

7KLV�FDXVHG�D�JUHDW�GHDO�RI�JULHI�ZLWKLQ�WKH�YLOODJH�DV�WKH\�EHOLHYHG�ZH�ZHUH�JLYLQJXS�KRSH��DQG�WKDW�ZH�ZHUH�EXU\LQJ�WKHLU�SHRSOH�EHIRUH�WKH\�NQHZ�LI�WKH\�ZHUH�GHDG�7KLV� LV� RQH� WKLQJ� ,� ZRXOG� EH� H[WUHPHO\� FDUHIXO� RI� LI� LQYROYHG� LQ� DQ\WKLQJ� OLNH� WKLVDJDLQ���%H�H[SOLFLW�DV�WR�ZKDW�WKH�VHUYLFH�LV� �3V��*UDKDPH�$EUDKDPV�7KH�0HPRULDO�6HUYLFH�ZDV�WKH�IROORZLQJ�)ULGD\��PRUH�WKDQ�D�ZHHN�DIWHU�WKH�6OLS�:KLOVW� WKH� ILUVW� VHUYLFH� ZDV� RUJDQLVHG� TXLFNO\� DIWHU� WKH� HYHQW�� WKHUH� ZHUH� D� QXPEHU� RIVHUYLFHV�RYHU���GD\V�ZKLFK�VHUYHG�GLIIHUHQW�SXUSRVHV���+RZHYHU��KDG�WKHUH�EHHQ�D�SODQ�WRKDYH�MXVW�RQH�VHUYLFH��VD\�D�PHPRULDO��FOHDUO\�LW�ZRXOG�QRW�KDYH�RFFXUUHG�DV�HDUO\�DV�WKHILUVW�VHUYLFH�GLG���7KH�VDPH�LV�WUXH�LQ�0DU\ERURXJK��ZKHUH�WKH�0HPRULDO�6HUYLFH�ZDV�KHOGWKUHH�ZHHNV�DIWHU�WKH�FUDVK���%RWK�LQFLGHQWV�SUHVHQWHG�LQLWLDO�XQFHUWDLQW\�DERXW�WKH�YLFWLPV�EXW� WKH\� DOVR� FDXVHG� VKRFN� LQ� FORVH�NQLW� FRPPXQLWLHV�� ZKLFK� QHHGHG� WR� EH� DGGUHVVHG�/RFDO� FOHUJ\�� XQGHUVWDQGLQJ� WKH� VLWXDWLRQ� ZHOO�� EHOLHYHG� DQ� LQLWLDO� VHUYLFH� ZLWK� D� VSHFLILFSXUSRVH�ZDV�ZDUUDQWHG�:KHUH�D�GLVDVWHU�ODVWV�RYHU�D�SHULRG�RI�WLPH��VXFK�DV�D�IORRG��RU�ZKHUH�D�ODUJH�QXPEHU�RIWKH�FRPPXQLW\�DUH�DIIHFWHG�� UHTXLULQJ�PRUH� LPPHGLDWH�DQG�XUJHQW�DVVLVWDQFH� LQ�SUDFWLFDOZD\V�DV�D�UHVXOW�RI�D�ILUH��IORRG�RU�VWRUP�GDPDJH��LW�LV�PRUH�DSSURSULDWH�WR�ZDLW���7KHUH�LV�DVHQVH�KHUH� LQ�ZKLFK�WKH�DJRQ\�FRQWLQXHV�±�³\RX�FDQ¶W�KDYH�D�VHUYLFH�RI� UHVXUUHFWLRQ� WRRVRRQ�LI�SHRSOH�DUH�VWLOO�RQ�WKH�FURVV��LW¶V�KDUG�WR�FHOHEUDWH�UHVXUUHFWLRQ�ZKHQ�\RX�DUH�IHHOLQJFUXFLILHG´�� �$IWHU� WKH�1\QJDQ�IORRGV�� WKHUH�ZDV�D�GHVLUH� WR�UHWXUQ� WR�QRUPDO�DV�TXLFNO\�DVSRVVLEOH��VR�WKH�FRQJUHJDWLRQ�RI�WKH�ORFDO�8QLWLQJ�&KXUFK�JDWKHUHG�IRU�WKHLU�QRUPDO�ZRUVKLSVHUYLFH�DV�VRRQ�DV�SHRSOH�ZHUH�DEOH�WR�VWDUW�UHWXUQLQJ�WR�WKHLU�KRPHV���:KHQ�PRVW�SHRSOHKDG� UHWXUQHG�� WKH� ORFDO� PLQLVWHUV� RUJDQLVHG� DQ� HFXPHQLFDO� VHUYLFH� RI� 7KDQNVJLYLQJ�%HFDXVH�KRPHV�ZHUH�QRW�DFWXDOO\�GHVWUR\HG�QRU�OLYHV�ORVW��WKDW�GHOD\�PD\�EH�VKRUWHU�WKDQZRXOG�EH�QHHGHG�ZKHUH�SURSHUW\�LV�GHVWUR\HG�DQG�OLYHV�ORVW�

Page 130: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

7KH�6WUDWKILHOG�6KRSSLQJ�&HQWUH�VKRRWLQJV�ZHUH�D�FDVH�ZKHUH�D�KLJK�SURILOH� FRPPXQLW\PHHWLQJ� SODFH� ZDV� YLRODWHG� DQG� ERWK� ZRUNHUV� DQG� FDVXDO� VKRSSHUV�� ZHUH� WUDXPDWL]HG�7KH�GHDG��LQFOXGLQJ�VKRSNHHSHUV�DQG�VKRSSHUV��FDPH�IURP�QR�RQH�JURXS���*LYHQ�LW�ZDV�DODUJH� VXEXUEDQ� FRPSOH[�� WKRVH�DIIHFWHG�ZHUH� IURP� D� QXPEHU� RI� ORFDOLWLHV� LQ� WKH� GLVWULFW�7KLV�PHDQW�WKDW�WKH�YHU\�WDVN�RI�GHILQLQJ�WKH�JURXS�RI�SHRSOH�ZDV�D�GLIILFXOW�RQH���6KLUOH\0DGGR[��D�ORFDO�8QLWLQJ�&KXUFK�PLQLVWHU�DW�WKH�WLPH��VXJJHVWV�WKH�QHHG�LQ�VXFK�D�FDVH�WREH� DYDLODEOH� RQH� GD\� ODWHU�� EXW� WKHQ� DJDLQ� RQH� ZHHN� ODWHU�� � 3HRSOH� ZLOO� EH� VD\LQJ� ³,¶PXVXDOO\� KHUH� DW� WKDW� WLPH�� EXW� RQ� WKDW� GD\� ,� ZDV� ���� � :K\� DP� ,� VDIH"���� � ,V� BBBBBBZRXQGHG�GHDG�HWF�"´7KH� ORFDO� FRPPXQLW\� ZDV� LQ� VKRFN�� WKDW� VXFK� DQ� KRUULILF� WUDJHG\� FRXOG� KDSSHQ� LQ� WKHLUVKRSSLQJ�FHQWUH���7KHUH�DUH�VLPLODULWLHV�DQG�VLJQLILFDQW�GLIIHUHQFHV�EHWZHHQ�WKLV�HYHQW�DQGWKH�RQH�DW�7KUHGER���2Q�WLPLQJ�RI�D�VHUYLFH��6KLUOH\�ZULWHV�

'R�QRW�EH�VWDPSHGHG�LQWR�KROGLQJ�D�VHUYLFH�WRR�TXLFNO\���3HRSOH�ZDQW�WR�GR LW�VRRQDQG�JHW�LW�RYHU��EXW�\RX�QHHG�WR�ZDLW���ZH�ZDLWHG���ZHHNV���WR�KDYH�WLPH�WR�DUUDQJH�LWSURSHUO\�ZKHQ� WKH� LQLWLDO� FRXQVHOOLQJ� LV� RYHU�� � ,W� JLYHV� WLPH� WRR� WR� LQFOXGH� YDULRXVFRPPXQLW\�JURXSV���$OO�WKLV�LV�LPSRUWDQW�LQ�PDNLQJ�D�FORVXUH�&OHDUO\� WKLV� VHUYLFH� ZDV� DQ� LPSRUWDQW� SDUW� RI� WKH� KHDOLQJ� SURFHVV� DQG� IROORZHG� PXFKFRXQVHOOLQJ���$W�7KUHGER��WKH�HDUO\�VHUYLFHV�SOD\HG�D�NH\�UROH�LQ�WKH�SDVWRUDO�FDUH�ZKHQ�VRPXFK�XQFHUWDLQW\�DQG�VKRFN�ZDV�EHLQJ�DEVRUEHG�E\�D�VPDOO�FORVH�NQLW�FRPPXQLW\���$V�RQHWKLQNV�LW�WKURXJK��LW�FDQ�EH�VHHQ�WKDW�ZKDW�ZDV�GRQH�DW�7KUHGER�ZDV�ULJKW�JLYHQ�WKH�QDWXUHRI� WKH� WUDJHG\� DQG� WKH� FRPPXQLW\� DIIHFWHG�� �:KDW� ZDV� GRQH� DW� 6WUDWKILHOG� GLIIHUHG� IRUUHDVRQV�WKDW�EHFRPH�FOHDUHU�RQ�DQDO\VLV�RI�WKH�VLWXDWLRQ��DQG�ZDV�DOVR�µULJKW¶�$W�+RGGOH�6WUHHW�LQ�0HOERXUQH��WKH�VKRRWLQJ�RQ�D�EXV\�VXEXUEDQ�VWUHHW�DQG�LWV�LPSDFW�ZHUHQRW� VR� FRQILQHG� DV� LQ� D� VKRSSLQJ� FHQWUH�� � )ROORZ�XS� ZDV� PRUH� GLIILFXOW� EHFDXVH� WKRVHDIIHFWHG�ZHUH� IURP�D�ZLGHU�DUHD� WKDQ�D�FRPPXQLW\�RU�FHQWUH�ZLWK�D� OLIH�RI� LWV�RZQ�� � 7KHVHUYLFH�IROORZLQJ�WKH�+RGGOH�6WUHHW�VKRRWLQJV�ZDV�QLQH�ZHHNV�DIWHU�WKH�HYHQW�7KRVH�ZKR�NQRZ�WKH�VLWXDWLRQ�DQG�WKH�SHRSOH�ZHOO�DUH�EHVW�SODFHG�WR�GHFLGH�WKH�WLPLQJ�IRUDQ\�VHUYLFHV�KHOG�DIWHU�D� WUDJHG\�� � 7KHUH� LV�SUREDEO\�QR� UXOH�RI� WKXPE��EXW� LQ� WKH�FDVHVFRQVLGHUHG�KHUH�WKH�UHDVRQV�IRU�WKH�DFWLRQ�WDNHQ�FDQ�EH�XQGHUVWRRG�ZKHQ�RQH�FRQVLGHUVWKH�FLUFXPVWDQFHV�RI�WKH�HYHQW�DQG�IROORZ�XS�UHTXLUHG�6KLUOH\�0DGGR[¶V� FRPPHQW� DERXW� VRPH�ZDQWLQJ� WR� JHW� WKH� VHUYLFH� RYHU� DQG� GRQH� ZLWKUDLVHV� DQ� LVVXH� DERXW� ZKR� VHWV� WKH� DJHQGD� IRU� SRVW�GLVDVWHU� VHUYLFHV�� � *UDKDPH$EUDKDPV� ZULWLQJ� DERXW� VHUYLFHV� KHOG� RQ� WKH� DQQLYHUVDU\� RI� 7KUHGER� PDNHV� VRPHLPSRUWDQW�SRLQWV�

$W� WKH�$QQLYHUVDU\�ZHHNHQG�ZH�IRXQG� WKH�FRPSDQ\� ����� WKH� ORFDO�FRXQFLO��GHFLGHGZKDW�VHUYLFHV�WKH\�ZDQWHG���7KH\�ZDQWHG�WR�WHOO�WKH�SHRSOH�KRZ�DQG�ZKHQ�WR�JULHYH�WKLV�FDXVHG�D�GHDO�RI�SDLQ�� �7KH�YLOODJH�SHRSOH�DVNHG�XV� IRU�D� WKLUG�VHUYLFH�ZKHUHWKH\�FRXOG�GHGLFDWH�WKHLU�PHPRULDO�DQG�WKDW�WKH�PHGLD�GLGQ¶W�NQRZ�DERXW���:RUG�RIPRXWK�GUHZ�WRJHWKHU�DERXW�����SHRSOH��WKH�SHUPDQHQW�SRSXODWLRQ�RI�WKH�YLOODJH�ZDV�������,W�ZDV�GRQH�VR�ZHOO�WKH�PHGLD�GLG�QRW�NQRZ�����2QH��VHUYLFH�ZDV�IRU�WKH�YLOODJH�DQG�IDPLO\���,W�ZDV�DGYHUWLVHG�EXW�WKH�PHGLD�ZHUHDVNHG�WR�NHHS�WKHLU�GLVWDQFH�DQG�WKH\�ZHUH�WROG�WKDW�WKH\�FRXOG�FRQGXFW�LQWHUYLHZVDIWHUZDUGV�ZLWK�WKH�PLQLVWHUV���7KH\�UHVSHFWHG�WKLV�WR�WKHLU�FUHGLW�

Page 131: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

�����$W� WKH�RIILFLDO�VHUYLFH�ZLWK�DOO� WKH�GLJQLWDULHV����� �ZH�H[FOXGHG�FKXUFK�GLJQLWDULHVOLNH�ELVKRSV��IURP�WDNLQJ�SDUW����,Q�WKHVH�FLUFXPVWDQFHV�WKHVH�SHRSOH�FDQ�WDNH�DZD\IURP�WKH�PLQLVWU\�RI�WKH�ORFDO�SHRSOH���7KH�ZLGHU�FKXUFK�VKRXOG�EH�WKHUH�WR�VXSSRUW�QRW� WR�FRPH� LQ�DQG�WDNH�RYHU�� �7KH�RQO\�RIILFLDO�JXHVW�ZDV� WKH�*RYHUQRU�*HQHUDO�3ROLWLFLDQV� ZKR� FDPH� GLG� VR� DV� PHPEHUV� RI� WKH� SXEOLF� DQG� MXVW� VDW� LQ� WKHFRQJUHJDWLRQ�� � 1R� VHDWV� ZHUH� VHW� DVLGH� IRU� WKHP�� � 7KLV� WRRN� WKH� SROLWLFDOJUDQGVWDQGLQJ�RXW�RI�WKH�HYHQW�7KHVH� FRPPHQWV� OHDG� WR� WKH� LPSRUWDQFH� RI� $QQLYHUVDU\� VHUYLFHV�� � 7KRVH� LQYROYHG� LQSDVWRUDO�PLQLVWU\�ZLOO�NQRZ�WKH�LPSRUWDQFH�RI�KHOSLQJ�SHRSOH�GHDO�ZLWK�WKH�DQQLYHUVDU\�RI�DORYHG�RQH¶V� GHDWK�� DQG� VR� WRR� WKH�DQQLYHUVDU\�RI� DQ\�RWKHU� ORVV� RU� D� FRPPXQLW\¶V� ORVV�0RVW� WUDJHGLHV�KDYH�KDG�VHUYLFHV�WR�PDUN�WKH�$QQLYHUVDU\�� �$W�6WUDWKILHOG��SHRSOH�JDWKHUDQQXDOO\�DW�WKH�WUHH�SODQWHG�LQ�PHPRU\�RI�YLFWLPV�� � ,Q� WKH�FDVH�RI�WKH�3RUW�$UWKXU�VOD\LQJ�ZKHUH�YLFWLPV�FDPH�IURP�YDULRXV�VWDWHV�VR�WKDW�WKH� LPSDFW�RI� WKH�HYHQW�ZDV�ZLGHVSUHDG�0HPRULDO�DQG�WKHQ�$QQLYHUVDU\�VHUYLFHV�ZHUH�KHOG�LQ�YDULRXV�FLWLHV�DFURVV�WKH�FRXQWU\�)URP�WKLV�GLVFXVVLRQ��DQG�IURP�WKH�OLWXUJLHV�LQ�WKHVH�UHVRXUFHV��LW�FDQ�EH�VHHQ�WKDW�YDULRXVVHUYLFHV�ZLOO�EH�KHOG�LQ�UHVSRQVH�WR�D�WUDJHG\���,Q�WKLV�FRQWH[W��LW�VKRXOG�EH�QRWHG�WKDW�YHU\VSHFLILF�VHUYLFHV�PLJKW�EH�LPSRUWDQW�WR�SDUWLFXODU�JURXSV�RI�SHRSOH���1RWH�IRU�H[DPSOH�WKH6HUYLFH�RI�5HVWRUDWLRQ�KHOG� IRU�VWDII�DW� WKH�5R\DO�+REDUW�+RVSLWDO�DERXW�D�ZHHN�DIWHU� WKH3RUW�$UWKXU�VKRRWLQJV���0HGLFDO�VWDII�DQG�HPHUJHQF\�SHUVRQQHO�KDYH�VSHFLDO�QHHGV�DIWHU�DGLVDVWHU� DQG� VKRXOG� QRW� EH� IRUJRWWHQ�� � 6LPLODUO\�� D� VSHFLDO� VHUYLFH� PLJKW� EH� FRQVLGHUHGZKHUH�YLFWLPV�KDYH�IULHQGV�DQG�SHHUV�IURP�D�SDUWLFXODU�SODFH�VXFK�DV�D�VFKRRO��ZRUNSODFH�VSRUWLQJ�RU�VRFLDO� FOXE�� � 7KLV�FRXOG� EH� FRQVLGHUHG�HYHQ� LQ� WKH� FDVH�RI� WKH� GHDWK� RI� RQHLQGLYLGXDO�XQGHU�QRUPDO�FLUFXPVWDQFHV��EXW�WDNHV�RQ�PRUH�FULWLFDO�LPSRUWDQFH�LQ�WKH�FDVH�RIVKRFN� DVVRFLDWHG� ZLWK� WUDJHG\� RU� VXLFLGH�� � 6XFK� D� VHUYLFH� VKRXOG� EH� FRQGXFWHG� LQDVVRFLDWLRQ� ZLWK� DSSURSULDWH� FRXQVHOOLQJ� DQG� FDQ� KDYH� D� VLJQLILFDQW� LQIOXHQFH� RQ� WKHKHDOLQJ�RI�WKDW�JURXS�DIWHU�WKHLU�ORVV�RI�D�YDOXHG�SHHU�3HUVRQQHO�DQG�3ODFHV$W�WLPHV�RI�WUDJHG\�LW�LV�LPSRUWDQW�WKH�&KXUFK�LV�VHHQ�WR�EH�XQLWHG�DQG�ZRUN�FR�RSHUDWLYHO\LQ�WKH�UHOLHI�HIIRUW��SDVWRUDO�FDUH�DQG�DQ\�VHUYLFHV�WKDW�DUH�KHOG��� ,I�DQ\�RQH�GHQRPLQDWLRQDFWV�LQ�D�ZD\�WKDW�LV�XQKHOSIXO��WKHUH�LV�D�GDQJHU�WKDW�SXEOLF�UHDFWLRQ�WR�WKLV�PD\�EH�GLUHFWHGDW�WKH�&KXUFK�DW�ODUJH�UDWKHU�WKDQ�MXVW�WKH�RIIHQGLQJ�GHQRPLQDWLRQ�DQG�LWV�UHSUHVHQWDWLYHV�&KXUFKHV�WKDW�NQRZ�WKHLU�FRPPXQLW\�ZHOO�DQG�ZKLFK�DUH�DFWLYH�LQ�LWV�OLIH�LQ�WKH�JRRG�WLPHVDV�ZHOO�DV�WKH�EDG��DQG�GR�QRW�DOORZ�WKHRORJ\�RU�GHQRPLQDWLRQDO�JRDOV�WR�JHW�LQ�WKH�ZD\�RILWV�FDUH� IRU�QRQ�PHPEHUV��DUH� WKRVH�PRVW� OLNHO\� WR�KDYH� WKH� UHVSHFW�RI� WKH�FRPPXQLW\� LQWLPHV�RI�WUDJHG\��DQG�WKLV�ZLOO�FRQWLQXH�ZKHQ�D�IRUP�RI�QRUPDOLW\�UHWXUQV�

:KLOH�WKHLU�SDUWLFLSDWLRQ�LQ�GLVDVWHU�UHFRYHU\�LV�UHJDUGHG�DV�SDUW�RI�WKH�WRWDO�ZHOIDUHUHVSRQVH� WR� D� GLVDVWHU�� FKXUFKHV� EULQJ� PRUH� WR� WKH� GLVDVWHU� UHFRYHU\� SURFHVVHVWKDQ�WKH�DELOLW\� WR�DFW�DV�DQ�DX[LOLDU\�ZHOIDUH�DJHQF\�ZLWKLQ� WKH�FRPPXQLW\�� �7KHLUIDLWKIXOQHVV�WR� WKHLU�FDOOLQJ�DQG� WKHLU� UHVSRQVLELOLW\� WR� WKH�FRPPXQLW\�RI�ZKLFK� WKH\DUH� D� SDUW� GHPDQGV� WKDW� WKHLU� PLQLVWU\� UHODWH� WKH� JRVSHO� RI� -HVXV� &KULVW� WR� WKHGLVDVWHU�DIIHFWHG�FRPPXQLW\���7KH�DWWLWXGH�DQG�VHQVLWLYLW\�ZLWK�ZKLFK�WKLV�LV�GRQH�ZLOOEH� YLWDO�� � 0DQ\� SHRSOH�ZRUNLQJ� LQ� VHFXODU� DJHQFLHV�ZLOO� EH� MXVWO\� VFHSWLFDO� RI� WKHYDOXH� RI� WKH� FKXUFKHV¶� UROH� LQ� GLVDVWHU� UHFRYHU\� VLPSO\� EHFDXVH� RI� QHJDWLYHH[SHULHQFHV�UHODWLQJ�WR�WKH�ZD\�LQ�ZKLFK�VRPH�FKXUFKHV�SURFODLP�WKH�JRVSHO�

Page 132: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

,I�DQ\�FKXUFKHV�VHHN�WR�VKDUH� WKH�JRVSHO� LQ�D� WULWH��VLPSOLVWLF��VHOI�ULJKWHRXV��JXLOW�LQGXFLQJ� RU� SURVHO\WLVLQJ� PDQQHU� LQ� D� SRVW�GLVDVWHU� VLWXDWLRQ�� WKH\� ZLOO� ILQGWKHPVHOYHV� FRQWULEXWLQJ� WR� WKH� GLVDVWHU� UDWKHU� WKDQ� DLGLQJ� UHFRYHU\�� � &KXUFKHVZKLFK� FKRRVH� WR� GHILQH� WKHPVHOYHV� RYHU� DQG� DJDLQVW� WKH� JHQHUDO� FRPPXQLW\� DUHSDUWLFXODUO\�YXOQHUDEOH�WR�WKLV�GDQJHU� �6PLWK��S�����2¶5HLOO\� LQGLUHFWO\� JLYHV� DQ� H[DPSOH� RI� WKLV� LVVXH� ZKHQ� VKH� ZULWHV� WKDW� ³FRQWHPSRUDU\WKHRORJLFDO� VHQVLELOLWLHV� ZRXOG�� ULJKWO\�� UDLVH� DQ� RXWFU\� DW� DQ\� VLPSOLVWLF� OLQNLQJ� RI� *RG¶VDQJHU�DQG�SXQLVKPHQW�ZLWK�YLROHQW�HYHQWV�LQ�VRFLHW\´����2¶5HLOO\��S�����$Q� H[DPSOH� RI� D� FRPPXQLW\¶V� GLVFRPIRUW� ZLWK� WKH� &KXUFK� FDPH� XS� LQ� WKH� SUHSDULQJ� RIWKHVH�OLWXUJLFDO�UHVRXUFHV���$�FRS\�ZDV�VRXJKW�RI�WKH�OLWXUJ\�WKDW�ZDV�KHOG�DIWHU�D�SDUWLFXODUORFDO� QDWXUDO� GLVDVWHU� WKDW� UHFHLYHG� QDWLRQDO� FRYHUDJH�� EHFDXVH� D� QXPEHU� RI� SHRSOH�LQFOXGLQJ� FKLOGUHQ� GLHG�� � 7KH� UHVSRQVH� ZDV� WKDW� WKH� FORVH�NQLW� FRPPXQLW\� DIIHFWHG� KDGFORVHG� UDQNV�� DQG� H[FOXGHG� WKH� ORFDO� FOHUJ\� IURP� WDNLQJ� D� UROH� LQ� WKH� SUHSDUDWLRQ� RI� DVHUYLFH���7KH�FRPPXQLW\�GLG� LWV�µRZQ�WKLQJ¶���:KLOVW�WKLV�KDV�WR�EH�UHVSHFWHG��LW�PXVW�DOVREH� UHFRJQLVHG� WKDW� WKH�ZLGHU� FRPPXQLW\� LV� DIIHFWHG� E\�HYHQ� WKH�PRVW� ORFDO� RU� SHUVRQDOWUDJHG\��DQG�PHPEHUV�RI�WKDW�ZLGHU�FRPPXQLW\�PD\�QHHG�KHOS�ZLWK�WKHLU�JULHI�,W� LV� EHWWHU� WKHQ� WKDW� VHUYLFHV� DUH� HFXPHQLFDO�� DQG� DGYHUWLVHG� DV� VXFK�� DIWHU� EHLQJRUJDQLVHG� E\� DV� PDQ\� RI� WKH� FKXUFKHV� LQ� WKH� FRPPXQLW\� DV� SRVVLEOH�� HVSHFLDOO\� WKHPDLQOLQH� FKXUFKHV� ZKLFK� WKRVH� RXWVLGH� WKH� &KXUFK� ZLOO� UHFRJQLVH�� WUXVW� DQG� IHHOFRPIRUWDEOH�ZLWK���2IWHQ��WKLV�ZLOO�EH�GRQH�WKURXJK�WKH�ORFDO�PLQLVWHUV¶�JURXS��IHOORZVKLS�RUDVVRFLDWLRQ��ZKLFK�KDV�DQ�RQJRLQJ�OLIH�RI�LWV�RZQ�:KHUH�WKH�FRPPXQLW\� LV�UXUDO��UHJLRQDO�RU�VXEXUEDQ�� ORFDO�ZLVGRP�RXJKW� WR�SUHYDLO�DERXWZKHQ�WR�LQYROYH�KHDGV�RI�FKXUFKHV��OLNH�%LVKRSV�DQG�0RGHUDWRUV��� ,W� LV�LPSRUWDQW� WKDW�WKHZRUVKLS� OHDGHUV� IRU� VRPH� VHUYLFHV� DUH� LGHQWLILHG� E\� WKH� FRPPXQLW\� DV� WKRVH� ZKR� KDYHEHHQ�ZLWK�WKHP�LQ�WKHLU�VWUXJJOH��SURYLGLQJ�SDVWRUDO�FDUH�IURP�GD\�RQH���1RWH�IRU�H[DPSOH�*UDKDPH� $EUDKDP¶V� FRPPHQWV� LQ� WKH� DERYH� VHFWLRQ�� � +RZHYHU�� IRU� WKH� QDWLRQDOO\WHOHYLVHG�VHUYLFH�KHOG�VRRQ�DIWHU�WKH�7KUHGER�6OLS�� ORFDO�%LVKRSV�WRRN�SDUW� LQ� WKH�VHUYLFH�:KHUH� D� 0HPRULDO� RU� $QQLYHUVDU\� 6HUYLFH� LV� KHOG� LQ� D� FDSLWDO� RU� UHJLRQDO� FLW\�� LW� LVDSSURSULDWH� WR� FKRRVH� D� ODQGPDUN� FKXUFK�� VXFK� DV� D� FDWKHGUDO�� ZLWK� WKH� DSSURSULDWH&KXUFK�/HDGHUV�WDNLQJ�OHDGLQJ�UROHV�� � ,Q� WKDW�VLWXDWLRQ� WKH�QRQ�FKXUFK�JRLQJ�PHPEHUV�RIWKH�FRPPXQLW\�ZLOO�RIWHQ�UHFRJQLVH�D�FDWKHGUDO�DV�D�SULPDU\�FKXUFK�LQ�WKHLU�FLW\�DQG�VHH�LWDV� WKH� µULJKW¶� SODFH� IRU� VXFK� D� VHUYLFH�� � ,W� PD\� DOVR� EH� ZKHUH� WKH\� KDYH� EHHQ� IRU� WKHIXQHUDOV� RI� ORFDO� GLJQLWDULHV� RU� IRU� ZHGGLQJV�� VR� JRLQJ� WKHUH� ZLOO� QRW� SURYLGH� FRQFHUQ� RUGLVFRPIRUW��DV�WKH�HQWUDQFH�LQWR�VRPH�RWKHU�SODFHV�RI�ZRUVKLS�PD\��� ,Q�FLWLHV�� LW�ZLOO�RIWHQEH� WKH�KHDGV�RI�FKXUFKHV�ZKR�KDYH� WDNHQ� WKH� LQLWLDWLYH� LQ�KROGLQJ�D� VHUYLFH�� � 7KHUH� DUHH[DPSOHV�LQ�WKLV�FROOHFWLRQ�2UJDQLVHUV�RI�WKHVH�VHUYLFHV�VKRXOG�DOVR�FRQWDFW�FRPPXQLW\��VWDWH�DQG�QDWLRQDO�OHDGHUV�DVLV� DSSURSULDWH� DQG� SRVVLEOH�� � 1RWH� WKH� UROH� RI� OHDGHUV� VXFK� DV� *RYHUQRUV� DQG� WKH*RYHUQRU�*HQHUDO� LQ� WKH� DERYH� VHUYLFHV�� � ,Q� WKH� ODVW� VHFWLRQ�� *UDKDPH� $EUDKDPVKLJKOLJKWHG�WKH�QHHG�WR�SUHYHQW�GLJQLWDULHV��SDUWLFXODUO\�SROLWLFLDQV��JUDQGVWDQGLQJ�DW�D�SRVW�GLVDVWHU�VHUYLFH���7KH�VROXWLRQ��LQ�KLV�FDVH��ZDV�QRW�WR�VHW�DVLGH�VSHFLDO�VHDWV�IRU�DQ\�WKDWDWWHQGHG��HQVXULQJ�WKH\�ZHUH�VHHQ�DV�RUGLQDU\�PHPEHUV�RI�WKH�FRQJUHJDWLRQ�

Page 133: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

&RPPXQLW\�OHDGHUV�FDQ�EH�LQYLWHG�WR�KHOS�SUHSDUH�VHUYLFHV��WKRXJK�FKXUFK�OHDGHUV�QHHG�WRHQVXUH�WKH\�GR�QRW�WU\�WR�FRQWURO�WKH�DJHQGD���(YHQ�LI�WKHVH�OHDGHUV�DUH�QHLWKHU�LQYROYHG�LQWKH�SUHSDUDWLRQ�QRU� LQ�DQ�XS�IURQW� UROH� RQ� WKH�GD\�� WKH\�QHHG� WR� EH�DOHUWHG� WR� WKH� HYHQWSHUVRQDOO\��VR� WKH\�FDQ�VKRZ�VXSSRUW�DQG� OHDGHUVKLS� WR� WKH�FRPPXQLW\�E\�DWWHQGLQJ�DQGHQFRXUDJLQJ� RWKHUV� WR� GR� VR�� � 2WKHUV� RI� WKH� FRPPXQLW\� ZKR� PLJKW� EH� JLYHQ� D� UROH� LQVHUYLFHV� LQFOXGH� YLFWLPV� RU� WKHLU� UHODWLYHV�� UHVFXH�UHFRYHU\�UHVWRUDWLRQ� SHUVRQQHO� DQGSHUVRQQHO� LQYROYHG� LQ� D� SULPDU\� RUJDQLVDWLRQ� �HJ�� DIWHU� D� ILUH� LQ� DQ� LQVWLWXWLRQ��� DQG�� RIFRXUVH�OHDGHUV��OLNH�PD\RUV��ZKR�FDQ�VHW�VRPHWKLQJ�RI�WKH�WRQH�IRU�ORRNLQJ�IRUZDUG�WR�WKHUHVWRUDWLRQ�RI�D�FRPPXQLW\�)XUWKHU�FRPPHQW�RQ�WKH�VLWH�RI�VHUYLFHV�LV�KHOSIXO�� �6RPHWLPHV� LW�ZLOO�EH�DSSURSULDWH� WKDWFHUWDLQ�VHUYLFHV�EH�KHOG�LQ�D�SXEOLF�SODFH�UDWKHU�WKDQ�D�FKXUFK�EXLOGLQJ���7KHVH�ZLOO�EH�PRUHIDPLOLDU�DQG�KROG�JUHDWHU�VLJQLILFDQFH� IRU�D� FRPPXQLW\� UHFRYHULQJ� IURP�D� WUDJHG\�� � 7KH\PD\�VLPSO\�EH�DW�D�SDUN�RU�D� ORFDO�KDOO���2IWHQ�D�PHPRULDO� LV�HUHFWHG� LQ�PHPRU\�RI�WKRVHZKR�GLHG��RU�D�WUHH�SODQWHG��VR�REYLRXVO\�WKH�GHGLFDWLRQ�SODQWLQJ�RI�WKHVH�KDSSHQV�ZKHUHWKH\�DUH���$�SXEOLF�VSDFH�PD\�DOVR�EH�WKH�ELJJHVW�DYDLODEOH�,I� WKH�VHUYLFH� LV� WR�EH�KHOG�DW�D� ORFDWLRQ� WKDW�KROGV�VSHFLDO� VLJQLILFDQFH�ZLWK� UHVSHFW� WR�DWUDJHG\��RU� LV� µZKHUH� LW�DFWXDOO\�KDSSHQHG¶�� FDUH� LV� QHHGHG�� �6XFK�D� VLWH�� EHFDXVH�RI� LWVIUHVK�WUDXPDWLF�PHPRULHV��PD\�EH�WRR�GLIILFXOW�IRU�WKH�SHRSOH�WR�FRPH�WR�ZRUVKLS�LQ�D�IUDPHRI�PLQG� WR� UHFHLYH� WKH�JUDFH� WKH�VHUYLFH�ZLVKHV� WR�RIIHU�� � 6RPH� W\SHV� RI� VHUYLFH�ZLOO� EHPRUH�DSSURSULDWH�WR�EH�KHOG�DW�WKH�VLWH�WKDQ�RWKHUV��IRU�H[DPSOH��WKH�FDQGOH�OLW�YLJLO�DW�WKH7KUHGER�6OLS�VLWH�� �2I�FRXUVH� WKH�VLWH�PD\�QRW�EH�DYDLODEOH� WR� WKH�SXEOLF�ZKHQ� WKH� LQLWLDOVHUYLFHV�DUH�KHOG����7KUHGER�VLWH�ZDV�FORVHG�IRU�D�\HDU�EHFDXVH�RI�VDIHW\�FRQFHUQV����6LWHVPD\�EH�LQDSSURSULDWH�EHFDXVH�GXULQJ�WKH�FRXUVH�RI�DQ�RQJRLQJ�VLWXDWLRQ�WKH\�KDYH�FRPHWR�V\PEROLVH�VRPHWKLQJ� WKDW�FRQWULEXWHG� WR� WKH�VLWXDWLRQ�� � )RU� H[DPSOH�� LQ� WKH� FDVH�RI� DIORRG��LW�ZDV�VXJJHVWHG�WKDW�WKH�OHY\�EDQN�ZDV�QRW�WKH�SODFH�WR�KROG�D�WKDQNVJLYLQJ�VHUYLFHEHFDXVH�LW�KDG�FRPH�WR�UHSUHVHQW�GLVXQLW\�,W�PD\�DOVR�EH�DSSURSULDWH�WR�OLQN�WKH�0HPRULDO�6HUYLFH�ZLWK�WKH�DFWXDO�VLWH� LQ�VRPH�RWKHUFOHDQVLQJ� ZD\�� � 'XULQJ� WKH� 6WUDWKILHOG� 0HPRULDO� 6HUYLFH�� D� JURXS� FRQVLVWLQJ� RI� FOHUJ\�VXUYLYRUV��YLFWLPV¶�UHODWLYHV�DQG�RWKHUV��ZHQW�LQWR�WKH�SOD]D�DQG�H[FKDQJHG�WKH�SHDFH���³,WZDV�D�SRZHUIXO��SDLQIXO�DQG�GLIILFXOW�PRPHQW�´��0LQLVWHUV�DQG�RWKHUV�PD\�DOVR�ZDQW�WR�KDYHSULYDWH�RU�VPDOO�JURXS�SUD\HUV�RXWVLGH�WKH�VHUYLFH�LQ�D�SXEOLF�SODFH�µVWDLQHG�E\�WUDJHG\¶��LQRUGHU� WR� FRQWULEXWH� WR� WKH� UHFODLPLQJ� RI� ³WKH� SXEOLF� VSDFH� DV� D� SODFH� RI� OLIH� QRW� GHDWK�´�5REHUW��S�����7+(�/,785*<7KLV�FROOHFWLRQ�RI�OLWXUJLHV�SURYLGHV�LGHDV�RI�ZKDW�FDQ�EH�LQFOXGHG�LQ�SRVW�GLVDVWHU�VHUYLFHV�2QFH� DJDLQ�� WKH� FRQWHQWV� DQG� HPSKDVHV� RI� WKH� VHUYLFH� ZLOO� GHSHQG� RQ� WKH� DLP� RI� WKHVHUYLFH�DQG�QDWXUH�RI�WKH�WUDJHG\���:KHUH�WKHUH�KDYH�EHHQ�IDWDOLWLHV��VXSSRUW�IRU�VXUYLYRUVDQG�YLFWLPV¶�IDPLOLHV�LV�LPSRUWDQW���:KHUH�WKHUH�KDV�EHHQ�QR�GHDWK�EXW�VLJQLILFDQW�SURSHUW\ORVV��WKH�JULHI�ZLOO�EH�GLIIHUHQW�DQG�WKHUH�ZLOO�EH�VRPH�FDXVH�IRU�WKDQNVJLYLQJ���$�IORRG�PD\GDPDJH�SURSHUW\�DQG�WDNH�WLPH�WR�DEDWH�EXW�QRW�QHFHVVDULO\�GHVWUR\�KRPHV��D�ILUH�ZLOO�GRERWK��EXW�VZLIWO\�� � 7KH� OLWXUJLFDO� UHVSRQVH�ZLOO�GLIIHU�� �$�VKRRWLQJ�PD\�QRW� UHTXLUH� D� ODUJHVFDOH�UHVFXH��TXHOOLQJ�RI�WKH�GLVDVWHU��DV�LQ�D�IORRG�RU�ILUH���RU�RQJRLQJ�UHVWRUDWLRQ�SURJUDP�7KRVH� ZKR� KDYH� QHHGHG� DQG� DSSUHFLDWHG� WKH� ZRUN� RI� ILUHILJKWHUV�� UHFRYHU\� WHDPV�UHVWRUDWLRQ�ZRUNHUV��PHGLFDO� WHDPV�DQG�VR�RQ��ZLOO�ZDQW� WR� WDNH� WLPH� WR� EH� WKDQNIXO� DQGSUD\HUIXOO\�VXSSRUWLYH�RI�WKHVH�SHRSOH��PDQ\�EHLQJ�YROXQWHHUV�

Page 134: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

,W� KDV� EHHQ� DFNQRZOHGJHG� WKDW� PDQ\� ZKR� DWWHQG� VHUYLFHV� DIWHU� GLVDVWHUV� DQG� HYHQSHUVRQDO�WUDJHGLHV�ZLOO�QRW�EH�UHJXODU�FKXUFK�DWWHQGHHV��VDYH�IRU�DWWHQGDQFH�DW�VHUYLFHV�IRUULWHV� RI� SDVVDJH� �� ELUWK� �EDSWLVP���PDUULDJH� DQG� GHDWK� �IXQHUDO��� � 5REHUW� DVNV� D� FUXFLDOTXHVWLRQ�DERXW� WKH�QDWXUH�RI�ZRUVKLS�RQ� WKHVH�RFFDVLRQV��³6KRXOG� WKLV�EH�D� WRWDOO\�*RG�FHQWUHG� VHUYLFH�� DV� LQ� µQRUPDO¶� 6XQGD\� ZRUVKLS�� D� VLPSOH� JDWKHULQJ� WKDW� HPSKDVLVHVFRPPXQLW\� DQG� VKDUHG� JULHI� DQG� SDLQ�ZLWK� QR� RYHUW� UHIHUHQFHV� WR�*RG�� RU� D� PL[WXUH� RIERWK"´ �S���I����&OHDUO\��D�PL[WXUH�LV�GLIILFXOW�EHFDXVH�LW�FDQQRW�EH�*RG�FHQWUHG�DQG�KDYH�QRRYHUW�UHIHUHQFHV�WR�*RG���$�FRPPXQLW\�VHUYLFH�FDQ�SODFH�JUHDWHU�HPSKDVLV�RU�SULRULW\�RQVLPSOLFLW\�DQG�VSHFLILF�IRFXV�WKDQ�D�µQRUPDO¶�6XQGD\�VHUYLFH�PLJKW�&KXUFK�OHDGHUV�SUHSDULQJ�WKHVH�OLWXUJLHV�ZLOO�ZDQW�WR�HQVXUH�D�ILUP�&KULVWLDQ�IRXQGDWLRQ�VRDV� WR� LGHQWLI\� WKH�KRSH� IRU�QHZ�HWHUQDO� OLIH� WKDW�&KULVWLDQV�EHOLHYH�FRPHV�RQO\� IURP�*RG�+RZHYHU��FDUH�VKRXOG�EH�WDNHQ�WR�HQVXUH� WKH� ODQJXDJH�RI� WKH� OLWXUJ\� LV�QRW�VR� IRUHLJQ� WRZRUVKLSSHUV�WKDW�WKH�PHVVDJH�LV�ORVW���2U�WKDW�WKH\�OHDYH�WKH�VHUYLFH�FRQIXVHG�DERXW�ZKDWKDV�EHHQ�RIIHUHG�UDWKHU�WKDQ�IHHOLQJ�FRPIRUWHG���7KH�SURPLVHV�RI�*RG�DUH�WR�EH�FODLPHG�EXW� FDUH� LV� QHHGHG� WKDW� DQ� DVVXPSWLRQ� LV� QRW� FRQYH\HG� WKDW� HYHU\RQH� DW� WKH� VHUYLFHEHOLHYHV�LQ�WKHP���2XU�UHJXODU�6XQGD\�OLWXUJLHV�PDNH�WKHVH�DVVXPSWLRQV�DOO�WKH�WLPH�ZKHUHLW�LV�HDV\�WR�GR�WKLV�DXWRPDWLFDOO\�6LPLODUO\�� QRQ�FKXUFK� SHRSOH� LQ� WKLV� VLWXDWLRQ� RXJKW� QRW� WR� EH� PDGH� XQFRPIRUWDEOH� RUHPEDUUDVVHG�EHFDXVH�WKH\�GR�QRW�NQRZ�FRUUHFW�OLWXUJLFDO�RU�ULWXDO�EHKDYLRXU�� OLNH�ZKHQ�WRVWDQG��VLW�RU�RWKHU�DFWLRQV� WKDW�PD\�EH�UHTXLUHG�H[SHFWHG�RI� WKHP�� �7KHUH�DUH� WZR� LVVXHVKHUH���3HRSOH�KDYH�FRPH�IRU�KHOS���7KH\�DUH�H[SHULHQFLQJ�PDQ\�HPRWLRQV�DQG�WKH\�GR�QRWQHHG�DOVR�WR�EH�FRQIXVHG��HPEDUUDVVHG��LVRODWHG�RU�HYHQ�DQJHUHG�E\�WKH�ZRUGV�DQG�ULWXDOVRI�WKH�VHUYLFH���7KH�&KXUFK�LV�DOVR�RQ�VKRZ��DQG�VR�ZLWKRXW�GHWUDFWLQJ�IURP�WKH�SXUSRVH�RIWKH� VHUYLFH�� LW� QHHGV� WR� GHPRQVWUDWH� LWV� UHOHYDQFH� WR� D�PRGHUQ� VRFLHW\� WKDW� KDV� ODUJHO\PDGH�XS�LWV�PLQG�DERXW�&KXUFK��VHHLQJ�LW�LQ�DQ�XQIDYRXUDEOH�OLJKW���7UDJLF�H[SHULHQFHV�LQWKH�OLYHV�RI�LQGLYLGXDOV�ZLOO�RIWHQ�EULQJ�WKHP�WR�D�FKXUFK�ORRNLQJ�IRU�DQVZHUV�DERXW� OLIH��RUIRU�RQJRLQJ�FRPIRUW�DQG�VXSSRUW���$�SXEOLF�PHPRULDO�VHUYLFH�PD\�GHFLGH� IRU�VXFK�SHRSOHZKHWKHU� WKH� &KXUFK� FRXOG� DFWXDOO\� SURYLGH� WKLV� IRU� WKHP�� RU� ZKHWKHU� WKH\� QHHG� WR� ORRNHOVHZKHUH�$�PHPRULDO�VHUYLFH�IRU�SHRSOH�ZKR�KDYH�ORVW�WKHLU�OLYHV�LQ�D�WUDJHG\�ZLOO�KDYH�PDQ\�RI�WKHFRPSRQHQWV� RI� D� IXQHUDO� VHUYLFH� ZLWKRXW� D� IRFXV� RQ� WKH� LQGLYLGXDO�� � 7KLV� PD\� GHSHQGWKRXJK�RQ�WKH�QXPEHU�RI�SHRSOH�EHLQJ�UHPHPEHUHG�DQG�ZKHWKHU�WKH\�VKDUHG�D�FRPPRQERQG���)RU�H[DPSOH��D�VHUYLFH�IRU�WKRVH�NLOOHG�LQ�WKH�ILUH�DW�.HZ�FRWWDJHV��LQFOXGHG�D�SLHFHGHVFULELQJ� WKH� SHUVRQDOLWLHV� RI� HDFK� RI� WKRVH� ZKR� GLHG�� ZKR� OLYHG� WRJHWKHU� LQ� WKDWUHVLGHQWLDO�FDUH�XQLW�� �/LWXUJ\�DVLGH��D�SULQWHG�RUGHU�RI�VHUYLFH�ZLOO�RIWHQ� OLVW� WKH�QDPHV�RIWKH�YLFWLPV��DQG�LQ�VRPH�FDVHV�WKHLU�SKRWRV��IRU�H[DPSOH��LQ�WKH�FDVH�RI�WKH�VROGLHUV�NLOOHGLQ� WKH�%ODFNKDZN�FUDVK��� �:KLOH�V\PEROLVP�ZLOO�EH�GLVFXVVHG� VHSDUDWHO\�� YLFWLPV� FDQ�EHUHPHPEHUHG� E\� LQGLYLGXDO� V\PEROV� RU� UHPLQGHUV�� OLNH� FDQGOHV�� VLQJOH� EORRPV�� EDOORRQVUHOHDVHG�� SODQWLQJ� RI� WUHHV�� ZKLWH� FURVVHV� HWF�� � 7KHVH� FDQ�KHOS� SHRSOH� IRFXV� WKHLU� JULHI�HVSHFLDOO\�LI�D�IDPLO\�PHPEHU�RU�IULHQG�RI�WKH�EHUHDYHG�WDNHV�VRPH�DFWLRQ�ZLWK�WKDW�V\PERO��OLJKWV�WKH�FDQGOH�RU�FDUULHV�LW�RXW��UHOHDVHV�WKH�EDOORRQ��SODQWV�WKH�WUHH�(DUO\� LQ� D� SRVW�GLVDVWHU� VHUYLFH�� D� FOHDU� DQG� ³WUXWKIXO´� VWDWHPHQW� VKRXOG� EH� PDGH� WKDWQDPHV� WKH� VLWXDWLRQ� �L�H�� WKH� WUDJHG\�� DQG� DFNQRZOHGJHV� WKH� ³FULWLFDO� H[SHULHQFH� RIGLVORFDWLRQ� DQG� GLVWUHVV´�� � �2¶5HLOO\�� S������ � :LWKLQ� WKLV� VWDWHPHQW� WKHUH� RXJKW� WR� EHUHFRJQLWLRQ�RI� WKH�QDWXUH�RI�*RG��DQG� WKH�KRSH�DQG� ORYH�ZH�FDQ�H[SHULHQFH� LQ�*RG� WKDWFDQ�FRPIRUW�SHRSOH�LQ�WKHLU�FXUUHQW�WLPH�RI�VXIIHULQJ�

Page 135: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

,W� LV�DSSURSULDWH� WR�HVWDEOLVK�KHUH� WKDW�DQ�DLP�RI� WKH�VHUYLFH� LV� WR�FRPIRUW� WKRVH�JULHYLQJORVV�RI�ORYHG�RQHV��KRPHV��SRVVHVVLRQV�RU�OLIH�VW\OHV�� �2WKHUZLVH�WKLV�ZLOO�EH�SLFNHG�XS�LQODWHU�SUD\HUV�IRU�WKH�SHRSOH���+HUH�LV�SDUW�RI�D�µJDWKHULQJ¶�VWDWHPHQW�WKDW�GRHV�VRPH�RI�WKLV�)ULHQGV��ZH�KDYH�FRPH�WRJHWKHU� WRGD\�WR�UHPHPEHU� WKH�WHUULEOH�DQG� WUDJLF�HYHQWV�KHUH�QDPH�WKHP�VSHFLILFDOO\��ZKLFK�KDYH�KDSSHQHG�LQ�RXU�FRPPXQLW\���2XU�KHDUWVDUH�DSSDOOHG�ZLWKLQ�XV�DQG�ZH�UHDFK�RXW�WR�*RG�DQG�WR�HDFK�RWKHU�:H� FRPH� WR� DIILUP� WKDW� HYHQ� LQ� WKH� PLGVW� RI� WKLV� WUDJHG\� ZH� FDQ� FRQWLQXH� DV� DFRPPXQLW\�� VXSSRUWLQJ� RQH� DQRWKHU� DQG� UHNLQGOLQJ� RXU� KRSH� LQ� WKH� JRRGQHVV� RI*RG¶V�JLIW�RI�OLIH�WRJHWKHU������7RJHWKHU�QRZ�ZH�DUH� WDNLQJ�D�VWHS�WR�KHDO�DQG�JLYH� WHVWLPRQ\� WR�RXU�GHVLUH� IRU�DKHDOHG�FRPPXQLW\�,W�LV�*RG�ZKR�FDUHV�IRU�XV��ZKR�ZLOO�EULQJ�XV�WKH�KHDOLQJ�DQG�FRPIRUW�ZH�VHHN��/HW�XV�QRZ�DVN�*RG�IRU�WKLV�JLIW� �2¶5HLOO\��SS��������

1RWH�DOVR�WKH�µ&DOO�WR�:RUVKLS¶�IRU�WKH�$QQLYHUVDU\�6HUYLFH�KHOG�D�\HDU�DIWHU�3RUW�$UWKXU�DW:HVOH\� &KXUFK�� 0HOERXUQH� LQ� WKHVH� OLWXUJLHV� DQG� WKH� ZD\� LW� JDWKHUV� WRJHWKHU� GLIIHUHQWJURXSV�RI�SHRSOH�DQG�YHU\�VLPSO\�LGHQWLILHV�QHHGV�RI�SHRSOH�DQG�DLPV�RI�WKH�VHUYLFH���7KH&DOO� WR� :RUVKLS� IRU� WKH� &RPPHPRUDWLRQ� DQG� 5HQHZDO� 6HUYLFH� DIWHU� WKH� 1HZFDVWOH(DUWKTXDNH�SURYLGHV�DQRWKHU�JRRG�H[DPSOH���1RWH�DOVR�WKH�ZD\�LQ�ZKLFK�VWDWHPHQWV�DERXWWKH� WUDJHG\� DUH� ZRUNHG� LQWR� D� SUD\HU� LQ� WKH� 0HPRULDO� 6HUYLFH� IRU� WKRVH� NLOOHG� LQ� WKH%ODFNKDZN�DFFLGHQW�� � ,Q�WKHVH�H[DPSOHV�\RX�ZLOO� ILQG�WKH�µ*RG¶�ODQJXDJH�LV�VLPSOH��GLUHFWDQG�QRQ�WKUHDWHQLQJ�$V� LQ�DQ\�ZRUVKLS� WKHUH�ZLOO�EH�VHYHUDO�GLIIHUHQW� W\SHV�RI�SUD\HU�� � ,Q�DQ�DSSURSULDWH�ZD\�WKDQNVJLYLQJ�ZLOO� EH� JLYHQ�� � 7KLV�PD\� LQFOXGH� WKDQNV� IRU� WKH� ODFN� RI� VHULRXV� SHUPDQHQWGDPDJH� WR�SURSHUW\�� WKH� ODFN�RI� ORVV�RI� OLIH�� IRU�DFWV�RI�FRXUDJH�� IRU� WKH�ZRUN� RI�PHGLFDOVWDII�� ILUH�ILJKWHUV��UHVFXH�FUHZV�DQG�WKRVH�ZKR�KDYH�KHOSHG�ZLWK�UHVWRUDWLRQ�DQG�UHSDLUV�WKRVH�ZKR�KDYH�FROOHFWHG�DQG�GLVWULEXWHG� UHOLHI�KHOS�HWF�� IRU� WKRVH�ZKR�KDYH�JLYHQ� IRRG�PRQH\� DQG� RWKHU� PDWHULDO� QHHGV� ±� ERWK� LQGLYLGXDOV� DQG� RUJDQLVDWLRQV�� DQG� VR� RQ�DFFRUGLQJ�WR�WKH�FLUFXPVWDQFHV�2WKHU�SUD\HU�ZLOO�KHOS� SHRSOH� WR� JLYH�PHDQLQJ�DQG� ODPHQW� WR�ZKDW� KDV� KDSSHQHG� �� ³WKHµXQVSRNHQ� UDZQHVV¶� RI� IHHOLQJV´� �2¶5HLOO\�� S������� � $OVR� WR� HQGHDYRXU� WR� JLYH� ZRUGV� WRSHRSOH¶V�DQJHU�DQG�VWUXJJOH�WR�XQGHUVWDQG�DQG�DFFHSW��DQG�\HW�WR�DIILUP�*RG��ZKR�PD\�EHEODPHG�E\�VRPH�SHRSOH��DV�2QH�UHDG\�WR�UHFHLYH�DOO�WKLV�DQG�VWLOO�SURYLGH�ORYH�DQG�VXSSRUW�6SHDNLQJ�RI�D�SUD\HU�WKDW�GRHV�WKLV��2¶5HLOO\�ZULWHV�'UDZLQJ�RQ�%UXHJHPDQQ� LW� LPSOLHV� WKH�SVDOPLVW¶V�FU\�RI�DEDQGRQPHQW� WR�TXHVWLRQ*RG�ZKLOH� DFNQRZOHGJLQJ� WKDW�*RG� KDV� HPEUDFHG� RXU� KXPDQ� FRQGLWLRQ�� HQWHULQJLQWR� KXPDQ� JULHI� DQG� KXPDQ� GHDWK�� ���� �,W�� RIIHUV� D� PRYHPHQW� IURP� EODPH� WRDFFHSWDQFH� WKURXJK� UHFRJQLWLRQ� RI� *RG¶V� HPEUDFH� RI� XV� LQ� -HVXV�� 5LVHQ� &KULVW�FRQFOXGLQJ�ZLWK�D�SHWLWLRQ� WR� WKH�6SLULW�ZKRVH�SUHVHQFH�VXVWDLQV�DQG�KHDOV��DQG�DFORVLQJ�DIILUPDWLRQ�RI�*RG�������,W��DQWLFLSDWHV�DQG�PRYHV������WKH�EHUHDYHG��WRZDUGVQHZ� µQRUPDOLW\¶� E\� DOORZLQJ� IRU� KRQHVW� H[SUHVVLRQ� RI� ERWK� FRPSODLQW� DJDLQVW� *RGDQG�DIILUPDWLRQ�RI�*RG� �2¶5HLOO\��3�������� 7KH�IXOO�WH[W�RI�WKLV�*DWKHULQJ�LV�LQ�WKH�VHUYLFH�HQWLWOHG��µ$�/LWXUJ\�IRU�D�&RPPXQLW\�LQ��6KRFN�DQG�*ULHI�DIWHU9LROHQFH�RU�$FFLGHQW¶�� 6HH�:DOWHU�%UXHJHPDQQ��³7KH� )RUPIXOQHVV�RI�*ULHI´�� ,QWHUSUHWDWLRQ ���������������SS����������

Page 136: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

$JDLQ� WKH�VLPSOLFLW\�RI� WKH� ODQJXDJH� LQ� WKH� SUD\HU� WR� ZKLFK� VKH� UHIHUV� LV� VWULNLQJ�� DV� WKHIROORZLQJ�H[WUDFWV�LOOXVWUDWH�7HQGHU�DQG�FRPSDVVLRQDWH�*RG��ZH�PRXUQ�WKH�SDVVLQJ�RI����<RX�VHH�RXU�WHDUV�������:H�SUD\�WKDW�\RX�ZLOO�EH�SUHVHQW�LQ�WKLV�SODFHDQG�HVSHFLDOO\�EULQJ�\RXU�FRPIRUW�WR����LQ�WKHLU�WLPH�RI�GDUNQHVV�:H�FU\�RXW�WR�\RX�IURP�WKH�GHSWKV�RI�RXU�YHU\�EHLQJ���5LVHQ�&KULVW��ZH�NQRZ�WKDW�\RX�FRPH�WR�XVLQ�RXU�VRUURZ�DQG�RXU�SDLQ�IRU�\RX�KDYH�VKDUHG�RXU�FRPPRQ�OLIHDQG�NQRZQ�WKH�JULHI�RI�ORVV�DQG�WKH�GHVSDLU�RI�GHDWK¶V�SUHVHQFH�&RPH�QRZ��6SLULW�RI�+HDOLQJ�/RYH�VXVWDLQ�DQG�FRPIRUW�XV�ZKRVH�KHDUWV�DUH�KHDY\�ZLWK�JULHI�IRU�\RX�DORQH�XSKROG�XV�DW�DOO�WLPHV�DQG�LQ�DOO��SODFHV�%OHVVHG�EH�*RG�IRU�HYHU�� �2¶5HLOO\��S�����

3UD\HUV� IRU� RWKHUV� ZLOO� GUDZ� WRJHWKHU� DOO� WKRVH� ZLWK� VSHFLILF� QHHGV� DV� D� UHVXOW� RI� WKHWUDJHG\���7KHVH�FDQ�EH�QDPHG�DV�VSHFLILFDOO\�DV�SRVVLEOH��HYHQ�WR�QDPLQJ�SHRSOH�ZKHUHWKH�OLVW�RI�IDWDOLWLHV�RU�YLFWLPV�DOORZ�WKLV���6XFK�SUD\HUV�FDQ�JLYH�RSSRUWXQLW\� IRU�D�UDQJH�RISHRSOH�WR�EH�LQYROYHG�LQFOXGLQJ�FLYLF�DQG�FRPPXQLW\�OHDGHUV��WKRVH�ZKR�KDYH�OHG�UHFRYHU\XQLWV�� VWDII� RI� LQVWLWXWLRQV�� VFKRROV� RU� RWKHU� VSHFLILF� RUJDQLVDWLRQV� DIIHFWHG�� � ,W�PD\� EH� DUHOHDVLQJ� DQG� KHDOLQJ� WKLQJ� WR� LQYLWH� SHRSOH� WR� QDPH� DORXG� RU� VLOHQWO\� LQ� WKHLU� KHDUWV�SDUWLFXODU�SHRSOH�ZKRP�WKH\�ZRXOG�ZDQW�WR�FRPPLW�LQWR�*RG¶V�WHQGHU�DQG�ORYLQJ�DUPV�6LQJLQJ�LQ�ZRUVKLS� LV�VRPHWKLQJ�&KULVWLDQV�WDNH�IRU�JUDQWHG��EXW�FKXUFK� LV�RQH�RI� WKH�IHZSODFHV�DGXOWV�DFWXDOO\�VLQJ�WRJHWKHU�RQ�D�UHJXODU�EDVLV���,W� LV�QRW�XQFRPPRQ�IRU�VLQJLQJ�DWZHGGLQJV�DQG�IXQHUDOV�WR�IORXQGHU�EHFDXVH�PRVW�SHRSOH�GR�QRW�NQRZ�WKH�K\PQ�RU�DUH�QRWXVHG�WR�VLQJLQJ�LQ�SXEOLF���,Q�DQ\�VHUYLFH�\RX�ZLOO�ILQG�WKRVH�ZKR�MXVW�GR�QRW�VLQJ���2¶5HLOO\PD\�EH�ULJKW�LQ�VD\LQJ�WKDW�³VLQJLQJ�WRJHWKHU�HDUO\�LQ�WKH�OLWXUJ\�KDV�WKH�HIIHFW�RI�FUHDWLQJ�DQDVVHPEO\�RI�WKRVH�ZKR�KDYH�JDWKHUHG´��DQG�DJDLQ�WKDW�LW� LV�³D�JRRG�ZD\�WR�FRQFOXGH´��EXWKHU�ZDUQLQJ�WKDW�³WXQHV�VKRXOG�EH�ZHOO�NQRZQ�DQG�WKH�ZRUGV�VLPSOH�DQG�UHOHYDQW�WR�ZKDWKDV�RFFXUUHG�WR�WKH�FRPPXQLW\´�LV�DQ�LPSRUWDQW�RQH����2¶5HLOO\��SS�������,W�FDQQRW�EH�DVVXPHG�WKDW�ZKDW�LV�ZHOO�NQRZQ�WR�D�FKXUFK�FRPPXQLW\�ZLOO�EH�DV�NQRZQ�WRWKH�ZLGHU�FRPPXQLW\���6RQJV�WKDW�DUH�UHJXODUO\�VXQJ�DW�IXQHUDOV�PD\�EH�EHWWHU�NQRZQ�DQGDSSURSULDWH���7KHUH�DUH�DOVR�WKRVH�WKDW�DUH�PRUH�ZLGHO\�NQRZQ�IURP�SRSXODU�H[SRVXUH�RUIRU�RWKHU�UHDVRQV��OLNH�³$PD]LQJ�*UDFH´��WKRXJK�QRWH�WKH�FRPPHQW�DERXW�LWV�VSRQWDQHRXVUHQGLWLRQ�DW�WKH�7KUHGER�YLJLO���³+RZ�*UHDW�7KRX�$UW´�DQG�³7KH�/RUG¶V�3UD\HU´���,I�SRVVLEOH�DORFDO�FKRLU��EDQG�RU�VLQJLQJ�JURXS�PD\�DVVLVW�E\� OHDGLQJ�VLQJLQJ��RU� LQGHHG�SURYLGH� LWHPVZKHUH�FRQJUHJDWLRQDO�SDUWLFLSDWLRQ�EHFRPHV�RSWLRQDO��VR�WKDW�LI�QR�RQH�MRLQV�LQ�WKH�VLQJLQJLW�GRHV�QRW�GHWUDFW�IURP�WKH�VHUYLFH�

Page 137: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

7KHUH�VHHPV�WR�EH�DQ�XQZULWWHQ�µUXOH¶�WKDW�DOO�PXVLF�DW�WKHVH�VHUYLFHV�PXVW�EH�VSHFLILFDOO\UHOLJLRXV���2Q�WKLV�LVVXH��WKH�FRPPHQWV�PDGH�LQ�WKHVH�OLWXUJLFDO�UHVRXUFHV�LQ�WKH�VHFWLRQ�RQIXQHUDOV� KHOG� IRU� VXLFLGH� YLFWLPV� DUH� ZRUWK� WKLQNLQJ� DERXW�� � *LYHQ� WKDW� VR� PDQ\� VXLFLGHYLFWLPV�DQG�WKHLU�SHHUV�DUH� IURP�WKH�%DE\�ERRPHU�DJH�JURXS�RU� WKHLU� FKLOGUHQ�� IRU�ZKRPPXVLF�KDV�DOZD\V�EHHQ�D�SDUW�RI�WKHLU�OLIH��LW�LV�UHFRPPHQGHG�WKDW�OLWXUJLVWV�IHHO�IUHH�WR�XVHVHFXODU�PXVLF�ZKLFK�H[SUHVVHV�RU�H[SORUHV�WKH�HPRWLRQV�WKH�PRXUQHUV�DUH�JUDSSOLQJ�ZLWK�7KH�VDPH�FRXOG�EH�FRQVLGHUHG�IRU�VHUYLFHV�UHVSRQGLQJ�WR�GLVDVWHUV���6LPLODUO\�WKHUH�FRXOGEH� RWKHU� DUWLVWLF� IRUPV� XVHG� LQ� WKH� VHUYLFHV� SUHVHQWLQJ� PDWHULDO� WKDW� LV� QRW� VSHFLILFDOO\&KULVWLDQ��SURYLGHG�LW�GRHV�QRW�GHWUDFW�IURP�WKH�&KULVWLDQ�QDWXUH�RI�WKH�ZRUVKLS�RU�IURP�WKHRYHUULGLQJ� DLPV� RI� WKH� VHUYLFH� DQG� WKH� KHOS� LW� LV� WU\LQJ� WR� JLYH�� � 7KH� FRPPHQWV� DOUHDG\PDGH�DERXW�WKH�OLWXUJ\¶V�IRUP�DQG�ODQJXDJH�LQ�JHQHUDO�ZLWK�UHVSHFW� WR�KHOSLQJ� WKRVH�ZKRFRQJUHJDWH��DUH�HTXDOO\�WUXH�RI�WKH�PXVLF�DQG�WKH�VLQJLQJ���2¶5HLOO\�DIILUPV�WKLV�7KH�JXLGLQJ�SULQFLSOH�LQ�FKRLFHV�IRU�WKLV�OLWXUJ\�VKRXOG�EH�WKH�SDVWRUDO�FDUH�RI�SHRSOHZKR�KDYH�ILUP�� IHHEOH�RU�QR�IDLWK�\HW�KDYH�JDWKHUHG� LQ�UHVSRQVH�WR� WKH�P\VWHU\�RIVXIIHULQJ� DQG� DUH� VHDUFKLQJ� IRU� DXWKHQWLF� KRSH�� � ,W� LV� LPSRUWDQW� WR� GR� DOO� WKDW� LVSRVVLEOH� WR� HQDEOH� SHRSOH� WR� SDUWLFLSDWH� ZLWKRXW� IHHOLQJ� FRQIXVHG� RU� LQHSW� LQ� WKHVLWXDWLRQ� �2¶5HLOO\��S�����

$V�ZLWK�DQ\�ZRUVKLS�VHUYLFH�� LW� LV� LPSRUWDQW� WKDW�D�SRVW�GLVDVWHU� OLWXUJ\�HQGV�RQ�D�VWURQJ�SRVLWLYH�QRWH�WKDW�HQDEOHV�SDUWLFLSDQWV�WR�OHDYH�ZLWK�D�VHQVH�RI�KRSH�DQG�D�IHHOLQJ�WKDW�WKHVHUYLFH�ZLOO�KHOS�WKHLU�UHFRYHU\�IURP�WKH�WUDXPD�WKH\�KDYH�H[SHULHQFHG���,W�LV�JRRG�LI�SHRSOHFDQ�WDNH�DZD\�VRPHWKLQJ�FRQFUHWH�WKDW�ZLOO�KHOS�LQ�WKH�RQJRLQJ�SURFHVV���EH�LW�D�V\PERO�RIKRSH�RU�HYHQ�WKH�RUGHU�RI�VHUYLFH�RQ�ZKLFK�LV�SULQWHG�VRPH�ZRUGV�RI�HQFRXUDJHPHQW���,W�LVDOVR� LPSRUWDQW� WKDW� WKHUH�DUH�SHRSOH�ZKR�DUH� WUDLQHG�DQG�SUHSDUHG�ZKR�DUH� DYDLODEOH� WRSURYLGH� SDVWRUDO� FDUH�� SUD\HU� RU� VXFK� LQGLYLGXDO� DVVLVWDQFH� DV� DQ\� PD\� QHHGHG� RUUHTXHVWHG���7KH�VHUYLFH�FDQ�EH�DQ�LPSRUWDQW�DLG�WR�WKHLU�UHFRYHU\��JLYLQJ�ZRUGV�DQG�YRLFHWR�IHHOLQJV�WKH\�DUH�VWUXJJOLQJ�ZLWK��RU�SHUKDSV�EULQJ�KRPH�WKH�VWDUN�UHDOLW\�RI�WKHLU�ORVV��DVFDQ�RFFXU�DW�D�IXQHUDO����,I�FOHUJ\�RU�RWKHUV�DSSURSULDWHO\�WUDLQHG�IRU�WKH�WDVN�DUH�VHQVLWLYHDQG�DZDUH�RI�KRZ� LQGLYLGXDOV� DUH� IHHOLQJ�� WKLV� KHOS� FDQ�EH�PDGH�DYDLODEOH�� � $W� WKH�3RUW$UWKXU� $QQLYHUVDU\� VHUYLFH� DW�:HVOH\� &KXUFK�� 0HOERXUQH�� LW� ZDV� QRWHG� RQ� WKH� VHUYLFHVKHHW�WKDW�WKRVH�GLUHFWO\�DIIHFWHG�E\�WKH�WUDJHG\�FRXOG�PHHW�WRJHWKHU�DIWHU�WKH�VHUYLFH�LQ�DSULYDWH�DUHD�ZKHUH�DVVLVWDQFH�FDQ�EH�PDGH�DYDLODEOH�RU�VWRULHV�VKDUHG�86(�RI�6<0%2/6�DQG�6725,(63DVVLQJ�UHIHUHQFHV�KDYH�EHHQ�PDGH�WR�WKH�LPSRUWDQFH�RI�XVLQJ�V\PEROV�LQ�WKHVH�VHUYLFHV�'UDZLQJ�RQ�WKH�ZRUN�RI�*UHHQ�DQG�+DOOH\��5REHUW�PDNHV�D�SRZHUIXO�SRLQW�DERXW�WKH�UROH�RIV\PEROV�WKDW�SURYLGHV�D�JRRG�LQWURGXFWLRQ�WR�WKH�GLVFXVVLRQ�KHUH�

:KLOH�FKDQJH�LV�HVVHQWLDO�WR�OLYLQJ�JURZWK�LW�FDQQRW�EH�UXVKHG���,W�XVXDOO\�UHTXLUHV�DJUHDW�GHDO�RI�SDWLHQFH��D�JUHDW�GHDO�RI�WLPH��MXVW�DV�LW�WDNHV�D�JUHDW�GHDO�RI�WLPH�DQGSDWLHQFH�IRU�D�EDE\�WR�EHFRPH�DQ�DGXOW�����

Page 138: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

&KULVWLDQV�QHHG� WR�XQGHUVWDQG� WKDW�$XVWUDOLD�� OLNH�PRVW�:HVWHUQ� VRFLHWLHV�� OLYHV� LQ³WKH�FLYLOL]DWLRQ�RI�WKH�LPDJH´� � ,W�LV�WKHUHIRUH�QHFHVVDU\�IRU�OLWXUJ\�WR�PRYH�IURP�DQDOPRVW�FHUHEUDO��³OLQJXLVWLF´ � IRUPXOD�WR�RQH�ZKLFK�LQWHJUDWHV�WKH�FRJQLWLYH��HPRWLYHDQG�GLUHFWLYH�LQIOXHQFHV�RI�V\PEROV���7KH�KHDOLQJ�SURFHVV�FDQ�RQO\�EHJLQ�ZKHQ�WKHWUDXPD�LV�V\PEROLVHG��HQDEOLQJ�SHRSOH� WR�FRPH� WR� WHUPV�ZLWK� WKHLU�JULHI�DQG�SDLQ�ZKLOH�DW�WKH�VDPH�WLPH�DOORZLQJ�WKHP�WR�SLFN�XS�WKH�VKDWWHUHG�SLHFHV�RI�WKHLU�GUHDPVDQG�DVSLUDWLRQV�DV�WKH\�FRQWLQXH�IROORZLQJ�WKH�FRXUVH�RI�WKHLU�OLYHV� �5REHUW��S���/LNH�DQ\�OLIH�H[SHULHQFH��D�GLVDVWHU�ZLOO�SURGXFH�IRU�WKH�FRPPXQLW\�DQG�LQGLYLGXDOV�DIIHFWHG�RUGLQDU\�WKLQJV�ZKLFK�WDNH�RQ�QHZ�VLJQLILFDQFH��V\PEROLVLQJ�ZKDW�WKH\�KDYH�EHHQ�WKURXJKDQG� WKH�FRQWLQXLQJ�VWUXJJOH� WRZDUGV� UHFRYHU\�� �7KHUH�ZLOO� EH� V\PEROV� RI� UHVWRUDWLRQ� DQGV\PEROV�RI�WKH�WUDJHG\�LWVHOI���7KHUH�ZLOO�EH�WKRVH�QDWXUDO�VWHSV�RI�UHEXLOGLQJ�WKDW�FRPH�WRV\PEROLVH� UHFRYHU\�DQG� ³QHZ� OLIH´�� OLNH� WKH� UHEXLOGLQJ� RI� IHQFHV� DIWHU� D� EXVKILUH� RU� IORRG�/HZLV��S������ � 7KH�YHU\�VLWH�DW�ZKLFK�D� WUDJHG\�KDV� RFFXUUHG�EHFRPHV� LWV� RZQ� V\PERO�HYHQ�LQ�D�IRUP�WKDW� LV�FKDQJHG�IURP�WKH�WLPH�RI� WKH� LQFLGHQW�� �2QH�H[DPSOH�RI� WKLV� LV� WKH7KUHGER�VOLS�VLWH��DQG�WKH�VLJQLILFDQFH�LW�WRRN�RQ�ZKHQ�DIWHU�DOO�WKH�GHEULV�KDG�EHHQ�FOHDUHGDZD\�DQG�WKH�VLWH�PDGH�VDIH��LW�ZDV�UHRSHQHG�D�\HDU�ODWHU�DQG�SHRSOH�JDWKHUHG�DW�LW�IRU�DFDQGOH�OLW�YLJLO���$QRWKHU�H[DPSOH�ZDV�WKH�FDIH�DW�ZKLFK�PRVW�RI� WKH�3RUW�$UWKXU�VKRRWLQJVWRRN�SODFH��ZKLFK�ZDV�GHVWUR\HG�EHFDXVH�RI�WKH�HYLO�DFW� LW�UHSUHVHQWHG��EXW�ZKDW�ZDV� OHIWEHFDPH�D�V\PEROLF�PHPRULDO�WR�WKH�VODLQ�7KH�XVH�RI�VXFK�V\PEROV� LQ�DQ�DFW�RI�ZRUVKLS�FDQ�EH� FDWKDUWLF�� SDLQIXO� DQG�HYHQ� LQ� WKHSDLQ��SURGXFH�KHDOLQJ���7KH\�FDQ�JLYH�WKH�PXOWLWXGH�RI�PHPRULHV�VRPH�IRUP�RI�XQLW\���7KHVD\LQJ�WKDW�D�³SLFWXUH�LV�ZRUWK�D�WKRXVDQG�ZRUGV´�LV�HTXDOO\�WUXH�RI��V\PEROV��DQG�OLWXUJLVWVVKRXOG� QRW� EH� DIUDLG� WR� OHW� V\PEROV� GR� WKH� µWDONLQJ¶� ZKHQ� ZRUGV� ZLOO� QHYHU� VXIILFH�� DQGYHUERVLW\�UHVXOWV�IURP�DWWHPSWV�WR�ILQG�WKH�ULJKW�ZRUGV�

&KXUFKHV�WKDW�DUH�DZDUH�RI�WKH�VDFUDPHQWDO�QDWXUH�RI�WKH�ZKROH�RI�OLIH�ZLOO�EH�DEOHWR�WDNH�WKH�V\PEROV�ZKLFK�HPHUJH�LQ�D�GLVDVWHU�DIIHFWHG�FRPPXQLW\�DQG�LQFRUSRUDWHWKHP� LQ� WKH� OLWXUJ\� RI� WKHLU� UHJXODU� ZRUVKLS� DQG� LQ� ULWXDO� HYHQWV� VXFK� DV� VSHFLDOVHUYLFHV�� � ,Q� WKLV� ZD\� WKH� FKXUFKHV� PD\� HQDEOH� WKH� FRPPXQLW\� WR� UHIOHFW� RQ� LWVH[SHULHQFH� LQ� WKH� FRQWH[W� RI� WKH� JRVSHO� DQG� WKXV�� WRJHWKHU� ZLWK� WKH� FRPPXQLW\�H[SHULHQFH�QHZ�KRSH�DQG�VWUHQJWK� WR�XQGHUJR� WKH� UHFRYHU\�SURFHVV�� � �/HZLV�� SS���I��$�SRZHUIXO�H[DPSOH�RI� WKLV� LV� WKH�FUXFLIL[�RI� WKH�³PDQJOHG´�&KULVW� LQ� WKH�QH[W�DUWLFOH�DERXWSRVW�&\FORQH�7UDF\�'DUZLQ�)RU� WKH� DFWXDO� VHUYLFH�� V\PEROV� FDQ� EH� XVHG� LQ� PDQ\� ZD\V�� DQG� WKH� LPDJLQDWLRQ� RILQGLYLGXDO�OLWXUJLVWV�ZKR�NQRZ�WKH�FRPPXQLW\�DQG�WKH�HYHQW�ZLOO�GHWHUPLQH�WKH�EHVW�XVH�RIZKDW�LV�DSSURSULDWH�IRU�WKHLU�VLWXDWLRQ���$�IHZ�FRPPHQWV�ZLOO�VXIILFH�WR�IXHO�WKLV�LPDJLQDWLRQ�7KH�UHODWLRQVKLS�EHWZHHQ�WKH�VLWH�RI�WKH�VHUYLFH�DQG�WKH�WUDJHG\�VLWH�FDQ�PDNH�WKH�IRUPHULWV� RZQ� V\PERO�� � $OWHUQDWLYHO\� WKH� ZRUVKLS� VSDFH� PD\� EH� DSSURSULDWHO\� µGHFRUDWHG¶� ZLWKV\PEROV���,W�FDQ�EH�YHU\�SRZHUIXO�IRU�V\PEROV�RI�D�WUDJHG\�WR�EH�EURXJKW�IRUZDUG�DW�D�NH\SRLQW�LQ�WKH�VHUYLFH�DQG�ODLG�DW�WKH�IURQW�RI�WKH�VSDFH��RU�SHUKDSV�DW�WKH�µIRRW�RI�WKH�FURVV¶�6RPHWLPHV�HDFK�SHUVRQ�DW�D�VHUYLFH�KDV�EHHQ�JLYHQ�D�V\PERO��VXFK�DV�D�VHHG�RU�EXOE��WRWDNH�IURP�WKH�VHUYLFH�DQG�XVH�WR�KHOS�WKHP�WR�UHPHPEHU��EXW�DOVR�WR�JLYH�KRSH�RI�QHZ�OLIHIRU�WKH�IXWXUH�� &\ULO�+DLOH\��³,QFXOWXUDWLRQ�DQG� 3RO\HWKQLFLW\´�LQ�7KH�&XOWXUHG�3HDUO �HG��-��+RXVWRQ�����0HOERXUQH��-%&(�������S����� 5RELQ�*UHHQ��2QO\�&RQQHFW��:RUVKLS�DQG�/LWXUJ\�IURP�WKH�3HUVSHFWLYH�RI�3DVWRUDO�&DUH ��'DUWRQ��/RQJPDQDQG�7RGG��*UHDW�%ULWDLQ��������S����

Page 139: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

6\PEROV� FDQ� EH� YHU\� SRZHUIXO�� DQG� FDXWLRQ� LV� QHHGHG� LQ� WKH� XVH� RI� V\PEROV� WKDW� FDQFRQIURQW� UHDOLW\� EXW� DOVR� GLVWUHVV� SHRSOH� EH\RQG�ZKDW� WKH\� FDQ� EHDU�� � 6\PEROV� XVHG� LQZRUVKLS�DUH�XVXDOO\�YLVXDO�� �%XW� WKHUH�DUH�V\PEROV� WR� WULJJHU�DQ\�RI� WKH�VHQVHV�DQG�FDUHPXVW�EH�WDNHQ�ZLWK� WKH�XVH�RI� WKH�V\PEROV� WKDW�HYRNH� WKH�XVH�RI�VHQVHV�RWKHU� WKDQ� WKHYLVXDO���6RXQGV�OLNH�VLUHQV��ZLQGV�DQG�FUDFNOLQJ�IODPHV��DQG�VPHOO�VHQVHV�OLNH�VPRNH�DQGPRXOG��HYHQ�ZHUH� WKH\�UHFUHDWDEOH�GXULQJ�D�VHUYLFH�PD\�EH�WRR�GLVWUHVVLQJ� IRU�SHRSOH� LQWKDW� FRQWH[W�� DQG� WDNH� WKH� V\PERO� EH\RQG� WKH� XVHIXO� SXUSRVH� IRU� ZKLFK� LW� KDV� EHHQSUHVHQWHG����:KHQ�,�ZDV�RQO\���\HDUV�ROG�,�ZLWQHVVHG�D�ODUJH�EXVKILUH�WKDW�WKUHDWHQHG�P\KRPH�WRZQ��DQG�GHVWUR\HG�D�QXPEHU�RI�GZHOOLQJV���)RU�\HDUV�DIWHUZDUGV��,�ZDV�SK\VLFDOO\VLFN� ZLWK� IHDU� ZKHQ� ,� VDZ� VPRNH�RU� ILUH� LQ� D� QRQ�GRPHVWLF� VHWWLQJ�� HYHQ� VRPH�GLVWDQFHDZD\��7KH�V\PEROV�PD\�EH� IULJKWHQLQJ�RQHV� WKDW�VHHP�WR�EH�RXW�RI�SODFH� LQ�D�ZRUVKLS�VHWWLQJ��)RU� H[DPSOH�� %UXFH� -RKQVRQ¶V� XVH� RI� D� JXQ� ³IRU� SXWWLQJ� GRZQ� VWRFN´� DV� RQH� RI� KLVV\PEROV� LQ�KLV�GURXJKW�VHUYLFH�LQ�/LHEHOW�DQG�1LFKROOV� �HG����S�������&OHDUO\�WKRXJK��D�JXQDV�D�V\PERO�DW�D�VHUYLFH�DIWHU�D�VKRRWLQJ��ZRXOG�EH�LQ�WKH�FDWHJRU\�RI�ZKDW�KDV�MXVW�EHHQGHVFULEHG� DV� ³WRR� GLVWUHVVLQJ´� DQG� FOHDUO\� SDUW� RI� WKH� HYLO� IURP� ZKLFK� KHDOLQJ� LV� QRZQHHGHG���6\PEROV�PD\�HYRNH�D�UHVSRQVH��EXW�HYHQ�D�QHJDWLYH�UHVSRQVH�FDQ�EH�KHDOLQJ�%XW� WKH�SUHYLRXV�FDXWLRQ�DQG�SOHD� IRU�VHQVLWLYLW\� UHPDLQV�� � �-RKQ�YDQ�5HLW� WHOOV�RI�D�PDQZKR�FDPH�IRUZDUG�DW�D�VHUYLFH�DIWHU� IORRGV�DW�%HQDOOD��DQG� WKUHZ�DVLGH� LQ�DQJHU�D�PRS�EHLQJ� XVHG� DV� D� V\PERO� RI� FOHDQLQJ� XS� DQG� UHVWRUDWLRQ�� � :KLOVW� WKLV� ZDV� D� QHJDWLYHUHVSRQVH��LW�ZDV�DQ�DSSURSULDWH�H[SUHVVLRQ�IRU�WKH�PDQ��DQG�RWKHUV�SUHVHQW�FRXOG�LGHQWLI\ZLWK�KLP��HYHQ�LI�WKH\�ZHUH�QRW�DERXW�WR�FRS\�KLP��6WRULHV�� OLNH� V\PEROV�� HQDEOH� SHRSOH� WR� EH� LQ� WRXFK� ZLWK� DQG� H[SUHVV� WKHLU� HPRWLRQDOUHVSRQVH�WR�WKH�WUDJLF�H[SHULHQFHV�WKH\�KDYH�KDG�� � ,Q�KLV�VHUPRQ�GHOLYHUHG�D�ZHHN�DIWHU3RUW�$UWKXU��5H[�+XQW�VXJJHVWHG�WKDW�³LQ�WKH�WHOOLQJ�DQG�OLVWHQLQJ�WR�VWRULHV��,�DQG�ZH��FRXOGILQG�WKH�FOXHV�IRU�FRSLQJ´��VHH�³,Q�WKH�$IWHUPDWK�RI�3RUW�$UWKXU´�OLWXUJ\����7KURXJK�SDVWRUDOFDUH��SHRSOH�ZLOO�EH�HQFRXUDJHG�WR�WDON�DERXW�WKHLU�H[SHULHQFHV�DQG�WHOO�WKHLU�VWRULHV��� ,W� LVDOVR�YDOXDEOH�IRU�FRPPXQLW\�PHPEHUV�WR�VKDUH�WKHLU�VWRULHV�ZLWK�RQH�DQRWKHU�� � ,W�PD\�EHDSSURSULDWH�WR�KDYH�VRPH�VKDUH� WKHLU�VWRU\�GXULQJ�VHUYLFHV�RU� IRU�VRPH�VWRULHV� WKDW�KDYHEHHQ�KHDUG�IURP�SHRSOH�WR�EH�VKDUHG�LQ�WKH�PHVVDJH���&OHDUO\��DGHTXDWH�WLPH�ZLOO�QRW�EHDYDLODEOH�IRU�HYHU\RQH¶V�VWRU\�WR�EH�WROG���$V�ZLWK�IXQHUDOV��D�WLPH�IRU�UHIUHVKPHQWV�DIWHU�DSRVW�GLVDVWHU� VHUYLFH� LV� LPSRUWDQW� DV� D� VWRU\�VKDULQJ� WLPH� DPRQJVW� PHPEHUV� RI� WKHFRPPXQLW\���3HRSOH�RXJKW�WR�EH�HQFRXUDJHG�GXULQJ�WKH�VHUYLFH��DQG�DW�RWKHU�WLPHV��WR�VHHNRXW� RSSRUWXQLWLHV� WR� VKDUH� WKHVH� VWRULHV�� � $QRWKHU� DSSURDFK� PD\� EH� WR� XVH� VRPHGHVLJQDWHG� µVWRU\�WHOOHUV¶� WR�FROOHFW�XS�VRPH�RI� WKH�VWRULHV�DQG�RWKHU�YHUEDO�KLVWRU\�RI� WKHWUDJHG\�� DQG� IRU� WKHVH� FROOHFWLRQV� WKHQ� WR� EH� ZULWWHQ� XS� LQ� D� SXEOLFDWLRQ� DYDLODEOH� WR� DOOFRPPXQLW\�PHPEHUV�� RU� IRU� WKHVH� WHOOHUV� WR� EH� JLYHQ� RSSRUWXQLWLHV� WR� WHOO� WKH� VWRULHV� DVJXHVW� VSHDNHUV� DW� VHUYLFH� FOXEV�� VSRUWV� FOXEV�� VFKRROV� DQG� LQ� QRUPDO� ZRUVKLS� VHUYLFHV�1RWH� DOVR� 5H[� +XQW¶V� XVH� RI� VWRU\� LQ� WKH� VHUPRQ� MXVW� UHIHUUHG� WR� LQ� WKHVH� OLWXUJLFDOUHVRXUFHV�,Q� HQFRXUDJLQJ� FRPPXQLW\� PHPEHUV� WR� WHOO� WKHLU� VWRULHV�� LW� QHHGV� WR� EH� VHQVLWLYHO\UHFRJQLVHG�WKDW�VRPH�ZLOO�EH�VR�WUDXPDWLVHG�DV�WR�QRW�EH�DEOH� WR� WHOO� WKHLU�VWRU\� IRU�VRPHWLPH�DIWHU�WKH�HYHQW���³6RPH�SHRSOH�PD\�ORFN�WKH�WUDXPD�ZLWKLQ�WKHPVHOYHV�DQG�QHYHU�EHDEOH�WR�VSHDN�DERXW�LW´���+DYLQJ�ZULWWHQ�WKLV��5REHUW�FLWHV�WKH�H[DPSOH�RI�UHWXUQHG�VROGLHUVZKR�KDYH�QHYHU�EHHQ�DEOH�WR�WDON�DERXW�WKH�DWURFLWLHV�RI�ZDU��5REHUW��S�������7KLV�PD\�EHSDUWLFXODUO\�VR�ZKHUH�D�SHUVRQ�KDV�DFWXDOO\�ZLWQHVVHG�VRPHRQH��HVSHFLDOO\�D� ORYHG�RQH�GLH�EHIRUH�WKHLU�H\HV�

Page 140: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

&RXQVHOOLQJ�ZLOO�EH�QHHGHG� WR�KHOS�VXFK�SHRSOH� LQ�GHDOLQJ�ZLWK�ZKDW� WKH\�KDYH� ³ORFNHG´DZD\��DQG�VRPHWLPHV�VHUYLFHV��V\PEROV� DQG�RWKHUV¶� VWRULHV�PD\�KHOS� WKHP� WR� VXGGHQO\EXUVW� IRUWK�ZLWK� WKHLU� VWRULHV� LQ� DQ�HPRWLRQDO� RXWSRXULQJ�� EXW� WKLV� ZLOO� RQO\� KDSSHQ�DW� WKHµULJKW�WLPH¶�IRU�WKHP���7KLV�UHODWHV�FORVHO\�WR�5REHUW¶V�FRPPHQW�WKDW�³LW�WDNHV�D�JUHDW�GHDO�RIVHQVLWLYLW\� WR� JDXJH�ZKHQ� LW� LV� WKH� µULJKW� WLPH¶� WR�PRYH� WKH� FRPPXQLW\� IURP� WKH� VWDJH�RIFUXFLIL[LRQ�LQWR�WKH�FHOHEUDWLRQ�RI�UHVXUUHFWLRQ´���5REHUW��S����&KLOGUHQ�DUH�XVHG�WR�H[SUHVVLQJ�H[SHULHQFHV�LQ�VWRULHV�DQG�DUW��DQG�VKRXOG�EH�HQFRXUDJHGWR�GR�VR��DQG�WKH�UHVXOWV� WDNHQ�VHULRXVO\�DQG�WDONHG� WKURXJK�ZLWK� WKHP�� �-XVW�DV�FKLOGUHQDUH� RIWHQ� QRW� JLYHQ� DGHTXDWH� SDVWRUDO� FDUH� DIWHU� WKH� µQRUPDO¶� GHDWK� RI� D� QRQ�LPPHGLDWHIDPLO\� PHPEHU�� WKLV� PD\� DOVR� EH� WKH� FDVH� DIWHU� D� WUDJHG\� LI� WKH� ZKROH� FRPPXQLW\� LVDIIHFWHG�RU�LI�LW�LV�QRW�VSHFLILFDOO\�DQG�XQLTXHO\�UHODWHG�WR�D�SODFH�WKDW�LV�LPSRUWDQW�WR�WKHP�,I�WKHUH�LV�D�ILUH�RU�VKRRWLQJ�DW�D�VFKRRO�WKH�FKLOGUHQ�DUH�FRXQVHOOHG���$� WUDJHG\�LQ�D�ZLGHUFRPPXQLW\�PLJKW�VHH�WKHP�µUHOHJDWHG¶�WR�MXVW�RQH�JURXS�DPRQJ�PDQ\�ZKR�VXIIHU��DQG�WKH\PD\�QRW�JHW�VSHFLDO�DWWHQWLRQ���$�VSHFLDO�VHUYLFH�FRXOG�EH�FRQVLGHUHG�DW�VFKRROV��ZKLFK�ZLOOEH�SUHSDUHG�DW�D�OHYHO�DSSURSULDWH�WR�WKH�DJH�JURXS�RI�WKH�FKLOGUHQ���7KLV�HVSHFLDOO\�RXJKWWR�KDSSHQ�ZKHQ�RQH�RU�PRUH�FKLOGUHQ�RI�WKH�VFKRRO�GLH��HYHQ�DIWHU�DQ�LOOQHVV��6WRULHV� FDQ� EH� WROG� LQ� D� YDULHW\� RI� DUW� IRUPV�� VXFK� DV� DUW�� GUDPD�� GDQFH�� SKRWRJUDSK\�SRHWU\� DQG� PXVLF�� � 7KHVH� FRXOG� EH� GLVSOD\HG� RU� SUHVHQWHG� DW� D� VHUYLFH� RU� DW� VFKRROV�OLEUDULHV�DQG�RWKHU�SXEOLF�SODFHV�� �8VLQJ� WKH�JLIWV�RI� WKH�FRPPXQLW\�FDQ�EH�RI� LQYDOXDEOHDVVLVWDQFH� LQ� KHOSLQJ� WKH� FRPPXQLW\� LQ� LWV� KHDOLQJ� SURFHVV�� �5REHUW�� S�� ���� � $V� LW� ZDVHDUOLHU� VXJJHVWHG�� D� VWRU\WHOOHU� FRXOG� FROOHFW� VWRULHV�� VR� WRR� ORFDO� SDLQWHUV�� SRHWV�SKRWRJUDSKHUV��GDQFHUV�DQG�PXVLFLDQV�FRXOG�EH�XVHG�LQ�VLPLODU�ZD\V�7+(�0(',$,W�ZDV�DQQRXQFHG�E\� WKH�3ULPH�0LQLVWHU�RQ�QDWLRQDO� WHOHYLVLRQ� WKDW� D� SXEOLF� VHUYLFH�ZDVJRLQJ�WR�EH�KHOG�IRU�WKH�YLFWLPV�RI�7KUHGER���,W�UDLVHG�WKH�TXHVWLRQ�RI�ZKHWKHU�WKLV�VDLG�DVPXFK�DERXW�SROLWLFLDQV�DV�LW�GLG�DERXW�WKH�UROH�RI�WKH�PRGHUQ�PHGLD�LQ�FRYHULQJ�WUDJHGLHV�&OHDUO\� WKH�PHGLD�QHHGV� WR� UHSRUW�RQ� WKH� W\SHV� RI� GLVDVWHUV� WKDW� DUH� VSRNHQ�RI� LQ� WKHVHUHVRXUFHV���,Q�WKHVH�VSHFLILF�FDVHV��TXLWH�GHWDLOHG�QHZV�IRRWDJH�DQG�H[WHQVLYH�LQWHUYLHZVZHUH�XVHG���6RPHWLPHV�XVXDO�WHOHYLVLRQ�DQG�UDGLR�SURJUDPPHV�KDYH�EHHQ�VXVSHQGHG� LQRUGHU� WR�JLYH�RQJRLQJ�FRYHUDJH�RI�DQ�XQIROGLQJ�GUDPD�� �7KHQ�ZKHQ�PDMRU�VHUYLFHV�KDYHEHHQ�KHOG��RU�HYHQ�WKH�IXQHUDOV�RI�LQGLYLGXDO�YLFWLPV��WKH�PHGLD�KDV�EHHQ�SUHVHQW��DQG�FOLSVRU�HYHQ�ZKROH�VHUYLFHV�KDYH�EHHQ�WUDQVPLWWHG�YLD� WKH�UDGLR�RU� WHOHYLVLRQ�� �7KRVH��ZKRVHPDMRU� UROHV� DUH� SDVWRUDO� DQG� OLWXUJLFDO��PD\� KDYH� FRQFHUQ� DERXW� WKH� DSSURDFK�� DW� WLPHVLQWUXVLYH�� RI� WKH� PHGLD� LQ� FRYHULQJ� WKHVH� HYHQWV�� � 7KHVH� FRQFHUQV� DUH� VRPHWLPHVGLVFXVVHG�RQ�PHGLD�SURJUDPV�DIWHU�µWKH�GXVW�KDV�VHWWOHG�¶��VHH�DOVR�5H[�+XQW¶V�FRPPHQWVRQ�S������7KHVH�FRQFHUQV�DFNQRZOHGJHG��WKH�PHGLD�FDQ�DVVLVW�WKRVH�SUHSDULQJ�OLWXUJLHV���7KH�GHWDLOVRI�PDMRU�SXEOLF�VHUYLFHV�VKRXOG�EH�JLYHQ�WR�WKH�PHGLD�YLD�D�PHGLD�UHOHDVH��IRU�LQ�WKH�FDVHRI�D�VLJQLILFDQW�FRPPXQLW\� WUDJHG\�� LW� ZLOO� EH� WKH� YHKLFOH� E\�ZKLFK�PDQ\�ZLOO� KHDU� RI� WKHVHUYLFH�� � %H� YHU\� H[SOLFLW� DV� WR� ZKDW� NLQG� RI� VHUYLFH� LW� LV� DQG� ZKDW� LW� LV� WR� EH� FDOOHG��5HFDOOLQJ� WKH� FRPPHQWV� DOUHDG\� PHQWLRQHG� DERXW� WKH� 7KUHGER� H[SHULHQFH� ZKHQ� WKHPHGLD� FDOOHG� LW� D� 0HPRULDO� VHUYLFH�� ZKLOVW� WKH� VHDUFK� DQG� UHFRYHU\� RI� ERGLHV� ZDV� VWLOOSURFHHGLQJ��FDXVLQJ�PXFK�VWUHVV�WR�WKH�FRPPXQLW\��

Page 141: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

7KH�LVVXH�RI�WKH�PHGLD¶V�SUHVHQFH�DW�D�VHUYLFH�LV�D�YH[HG�RQH���)ROORZLQJ�7KUHGER��WKHUHZDV� RQH� SULYDWH� VHUYLFH� IRU� WKH� FRPPXQLW\� ZKLFK� ZDV� LQWHQWLRQDOO\� DQG� FDUHIXOO\� NHSWVHFUHW�IURP�WKH�PHGLD��DW�DQRWKHU�WKH�PHGLD�ZDV�DVNHG�WR�NHHS�LWV�GLVWDQFH��ZKLFK�WKH\�GLG³WR�WKHLU�FUHGLW´��ZLWK�WKH�RSWLRQ�RI�LQWHUYLHZV�ZLWK�WKH�FOHUJ\�DIWHUZDUGV��WKH�SXEOLF�QDWLRQDOVHUYLFH��LQ�WKH�SUHVHQFH�RI�WKH�*RYHUQRU�*HQHUDO�DQG�RWKHU�GLJQLWDULHV�ZDV�WHOHYLVHG�OLYH�:KHQ� WKH�PHGLD� LV�DGHTXDWHO\� EULHIHG�DERXW� RSWLRQV��PRVW� RI� LWV� UHSUHVHQWDWLYHV�ZLOO� EHUHVSRQVLEOH� DQG� VHQVLWLYH� WR� WKH� QHHGV� DQG� VXIIHULQJ� RI� WKH� FRPPXQLW\�� � $GHTXDWHRSSRUWXQLW\� QHHGV� WR� EH� JLYHQ� IRU� WKHP� WR� GR� WKHLU� MRE�� DQG� RQH ZD\� RI� DYRLGLQJLQDSSURSULDWH�FRQWDFW� LV� WR�SURYLGH� WKHP�VXIILFLHQW� LQIRUPDWLRQ�DQG� LQWHUYLHZ�RSSRUWXQLWLHVHWF���VR� WKDW� WKH\�DUH�GLVFRXUDJHG�IURP�DFWLQJ� LQ�DQ�XQKHOSIXO�PDQQHU�� � ,I�SRVVLEOH��DOORZWKH�PDMRU� SXEOLF� VHUYLFH� WR� EH� WUDQVPLWWHG�� VWLSXODWLQJ� WKDW� HTXLSPHQW�PXVW� QRW� EHFRPHLQWUXVLYH� DQG� WKDW� WKH� QHHGV� DQG� IHHOLQJV� RI�PRXUQHUV� DQG� RWKHUV� VXIIHULQJ� QHHG� WR� EHUHVSHFWHG���7KH�EHVW�DQG�PRVW�FRPPRQ�ZD\�LV�WR�DOORZ�RQH�FDPHUD�WR�ILOP�WKH�VHUYLFH�ZLWKIRRWDJH�DYDLODEOH�WR�DOO�FKDQQHOV��� ,W� LV�KHOSIXO� LI� WKHUH�LV�VRPHRQH�ZLWKRXW�D�PDMRU�UROH� LQWKH� OHDGHUVKLS�RI� WKH�VHUYLFH�ZKR�KDV�DOO� WKH�GHWDLOV�DQG�ZKR�FDQ� WDNH� UHVSRQVLELOLW\� IRUPHGLD�OLDLVRQ���7KH�UROH�FRXOG�H[WHQG�WR�LQGLFDWLQJ�WR�PHGLD�ZKDW�FRQWDFW�ZLWK�SHRSOH�ZRXOGEH� SDVWRUDOO\� LQVHQVLWLYH�� EXW� DOVR� DUUDQJLQJ� VXLWDEOH� SHRSOH� WR� JLYH� LQWHUYLHZV� DIWHU� WKHVHUYLFH���7KLV�VKRXOG�SURWHFW�WKRVH�ZKR�DUH�PRVW�YXOQHUDEOH�DQG�IRU�ZKRP�WKDW�VHUYLFH�ZLOOEH�HPRWLRQDOO\�GUDLQLQJ�HQRXJK��ZLWKRXW�WKHLU�KDYLQJ�WR�ZRUU\�DERXW�PHGLD�LQWUXVLYHQHVV�7KH�PHGLD�KDV�D� UROH�DV� ³OLWXUJLVWV´� LQ�KHOSLQJ� WKRVH�SK\VLFDOO\�GLVWDQW� IURP�D� WUDJHG\� WRGHDO�ZLWK�WKHLU�JULHI���+RZHYHU��WKRVH�SUHSDULQJ�WKH�ZRUVKLS�DQG�SURYLGLQJ�RQJRLQJ�SDVWRUDOFDUH�� KDYH� D� ULJKW� WR� VKLHOG� FRPPXQLW\� PHPEHUV� ZKR� DUH� JULHYLQJ� DQG� VXIIHULQJ�� IURPLQDSSURSULDWH�DQG�LQVHQVLWLYH�LQWUXVLRQ�E\�WKH�PHGLD�6800$5<

����DQ\�&RPPXQLW\�0HPRULDO�5LWXDO�PXVW�EH�RZQHG�E\� WKH�ZKROH�FRPPXQLW\�� �7KHSDVWRUDO� WDVN� RI� HQDEOLQJ� VXFK� D� ULWXDO� WUDQVLWLRQ� UHTXLUHV� DQ� XQGHUVWDQGLQJ� RISHRSOH¶V�LQGLYLGXDO�ZRUOG�YLHZV��LW�PHDQV�XQGHUVWDQGLQJ�WKDW�SHRSOH¶V�LQWHUSUHWDWLRQRI�D�PHVVDJH� LV� LQWULQVLFDOO\� LQWHUWZLQHG�ZLWK� WKHLU�SDVW�H[SHULHQFHV�� �$W� WLPHV� WKLVFDQ�UHVXOW�LQ�DQ�LPSDLUHG�XQGHUVWDQGLQJ�GXH�WR�SHUVRQDO�SUHMXGLFHV�ZKLFK�PD\�EORFNFRPSUHKHQVLRQ�� %XW� WKLV� FDQ� EH� RYHUFRPH� LI� WKH� PHVVDJHV� DUH� FRQWHPSRUL]HGWKURXJK� WKH� XVH� RI� �V\PEROV� DQG�� WKH� SHRSOH¶V� VWRULHV� EHFDXVH� WKH\� VXLW� WKHVXUURXQGLQJ� HQYLURQPHQW� DQG� DUH� ³HDV\� WR� XQGHUVWDQG´��� � &RQWHPSRUL]DWLRQ�LQFOXVLYH� ODQJXDJH� DQG� VLPSOLFLW\� VKRXOG� EH� WKH� JXLGLQJ� IDFWRUV� LQ� DQ\� ULWXDOSUHSDUDWLRQ�EXW�FDUH�QHHGV�WR�EH�WDNHQ�WR�HQVXUH�WKDW�WKH�RYHUDOO�ULWXDO�LV�JURXQGHGLQ�WKH�WUDGLWLRQ�RI�WKRVH�UHSUHVHQWHG�DQG�GRHV�QRW�PRYH�LQWR�WKH�DUHQD�RI�JLPPLFNU\RU�RYHU�GUDPDWL]DWLRQ���5REHUW��S����

� 0\URQ�5��&KDUWHU�� ³/LVWHQLQJ�DQG�3UHDFKLQJ´ IURP�3UHDFKLQJ�DV�&RPPXQLFDWLRQ ��1DVKYLOOH��$ELQJGRQ3UHVV��������S���� 0DUN�6HDUOH��HG���3DULVK��$�3ODFH�WR�:RUVKLS ��&ROOHJHYLOOH��0LQQHVRWD��7KH�/LWXUJLFDO�3UHVV�������S���

Page 142: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

,Q�VXPPDU\��KHUH�LV�D�OLVW�RI� LVVXHV�UDLVHG�LQ�WKLV�DUWLFOH�WKDW�QHHG�WR�EH�FRQVLGHUHG�LQ�WKHSUHSDUDWLRQ�RI�WKH�OLWXUJ\�IRU�XVH�DIWHU�D�GLVDVWHU��� 'LIIHUHQW�GLVDVWHU�VLWXDWLRQV�ZLOO�UHTXLUH�GLIIHUHQW�VHUYLFHV��RU�D�JURXS�RI�VHUYLFHV���7KHEHWWHU� WKRVH� SUHSDULQJ� WKH� VHUYLFH� NQRZ� WKH� FRPPXQLW\� DQG� WKH� VLWXDWLRQ�� WKH�PRUHDSSURSULDWH�WKH�ZRUVKLS�LV�OLNHO\�WR�EH�� :KDW�WKH�OLWXUJLHV�DLP�WR�GR�ZLOO�YDU\�DFFRUGLQJWR� WKH�QHHGV�RI�YLFWLPV�� WKHLU� IDPLOLHV�DQG� WKHLU� FRPPXQLWLHV�� WLPLQJ�DQG� ORFDWLRQ� DQGSHRSOH�LQYROYHG�LQ�SUHSDULQJ�DQG�OHDGLQJ�WKH�VHUYLFHV��� ,W� LV� SUHIHUDEOH� WKDW� VHUYLFHV� DUH� HFXPHQLFDO�� SUHSDUHG� DQG� OHG� E\� FOHUJ\� ZKR� KDYHEHHQ�DW� WKH�IRUHIURQW�RI�SURYLGLQJ�RQJRLQJ�SDVWRUDO� FDUH�DQG� UHOLHI� LQ� WKH�DIWHUPDWK�RIWKH�WUDJHG\���&RPPXQLW\�OHDGHUV�FDQ�DOVR�EH�LQYROYHG���7KH�DSSURSULDWH�SDUWLFLSDWLRQ�RI&KXUFK�DQG�6WDWH�GLJQLWDULHV�GXULQJ�D�VHUYLFH�QHHGV�FDUHIXO�FRQVLGHUDWLRQ��� 6HQVLWLYH�OLVWHQLQJ� WR�ZKDW�SHRSOH�DUH� LQGLFDWLQJ� WKH\�ZDQW�DQG�QHHG�VKRXOG�EH�JLYHQKLJK�SULRULW\�LQ�PDNLQJ�GHFLVLRQV���7KH�DJHQGD�RI�RWKHU�JURXSV�FRXOG�LPSLQJH�RQ�WKHVHQHHGV��� 7KH� FRQWHQW� RI� WKH� OLWXUJ\� VXFK� DV� SUD\HUV� DQG� VLQJLQJ�PXVLF� VKRXOG� UHFRJQLVH� WKDWPDQ\�ZKR�DWWHQG�WKH�VHUYLFHV�PD\�EH�OLPLWHG�LQ�WKHLU�H[SHULHQFH�RI�&KULVWLDQ�ZRUVKLS�WRULWHV�RI�SDVVDJH���(QGHDYRXU�WR�PDNH�WKH�ZRUGV�DQG�WKHRORJLFDO�VWDWHPHQWV�VLPSOH�\HWUHOHYDQW���([SORUH�ZD\V�WR�HQVXUH�WKDW�SHRSOH�DUH�FRPIRUWDEOH�ZLWK�SDUWLFLSDWLQJ�RU�QRWSDUWLFLSDWLQJ� LQ� WKH�VLQJLQJ�DQG�RWKHU�FRPSRQHQWV�RI� WKH�VHUYLFH�� DQG� WKDW� WKH\� NQRZZKDW� DFWLRQV� DUH� H[SHFWHG� RI� WKHP�� � 'R� QRW� DVVXPH� NQRZOHGJH� UHJXODU� ZRUVKLSDWWHQGHHV�KDYH��� %HJLQ�ZLWK�D�VLPSOH�EXW�WUXWKIXO�VWDWHPHQW�RI�ZKDW�KDV�KDSSHQHG��WKH�QHHGV�RI�SHRSOH�DQG�WKH�DLPV�RI� WKH�VHUYLFH�� LQFOXGLQJ�D�KHOSIXO� UHFRJQLWLRQ�RI� WKH�QDWXUH�RI�*RG�DQGZKHUH�+H�LV�LQ�DOO�RI�WKLV���(QG�RQ�D�VWURQJ�GHILQLWH�QRWH��FRQYH\LQJ�D�VHQVH�RI�KRSH�IRUWKH�IXWXUH��� 7KH� XVH� RI� V\PEROV� DQG� VWRULHV� LV� KHOSIXO�� FDQ� EH� YHU\� SRZHUIXO�� DQG� FDQ� SOD\� DQLPSRUWDQW�UROH�LQ� WKH�RQJRLQJ�KHDOLQJ�SURFHVV�� �6HQVLWLYLW\�VKRXOG�EH�XVHG� LQ�GHFLGLQJZKDW�LV�DFWXDOO\�XVHG�LQ�D�VHUYLFH��� 7KH�PHGLD�FDQ�EH�D�KHOSIXO�DOO\��DQG� LI� NHSW�DGHTXDWHO\�EULHIHG��ZLOO�JHQHUDOO\�EH�FR�RSHUDWLYH���*LYH�VHUYLFHV�WKH�QDPHV�\RX�ZDQW��RU�PHGLD�PD\�XVH�XQKHOSIXO�WLWOHV��DQGOLDLVH�ZLWK� WKHP�FDUHIXOO\�VR� WKDW� LW� LV�FOHDU�ZKDW� LV�DSSURSULDWH��SDUWLFXODUO\� WR� UHVSHFWWKH�SULYDF\�RI�WKRVH�ZKR�DUH�VXIIHULQJ��� $V�ZLWK�DQ\�VLJQLILFDQW�ORVV�RU�GLVORFDWLRQ�RI�OLIH�VW\OH��DQQLYHUVDULHV�DUH�LPSRUWDQW�DQGVKRXOG��LI�SRVVLEOH��EH�UHFRJQLVHG�ZLWK�D�VHUYLFH�DQG�RWKHU�DSSURSULDWH�DFWLRQV��VXFK�DVGHGLFDWLRQ�RI�D�PHPRULDO��LI�WKLV�KDV�QRW�DOUHDG\�RFFXUUHG���� ,Q�DOO�WKDW�KDSSHQV�DIWHU�D�GLVDVWHU��FDUH�IRU�WKH�SHRSOH�DIIHFWHG�LV�SDUDPRXQW���&OHUJ\DQG� RWKHUV� LQYROYHG� VKRXOG� HQGHDYRXU� WR� KDYH� DOO� WKDW� LV� GRQH� ZRUNLQJ� WRJHWKHU� LQKDUPRQ\�WR�SURYLGH�FDUH�DQG�KHOS�VR�WKDW�SHRSOH�FDQ�PRYH�RQWR�WKH�QH[W�VWDJH�RI�WKHLUOLIH�MRXUQH\��DFNQRZOHGJLQJ�WKDW�IRU�WKHP��OLIH�FDQ�QHYHU�EH�TXLWH�WKH�VDPH�5HY��3+,/,3�/,(%(/7

Page 143: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

/LHEHOW��3KLOLS��1LFKROOV��1RHO��HG���*HQWOH�5DLQ�RQ�3DUFKHG�(DUWK�-%&(��0HOERXUQH������2¶5HLOO\��&ROOHHQ�$���+RZ�/LWXUJ\�FDUHV�IRU�XV�LQ�3HUVRQDO�DQG�&RPPXQDO�6HWWLQJV$Q�XQSXEOLVKHG�GLVVHUWDWLRQ�SUHVHQWHG�WR�WKH�&RPPLWWHH�IRU�$GYDQFHG�6WXGLHV�6DQ�)UDQFLVFR�7KHRORJLFDO�6HPLQDU\�LQ�SDUWLDO�FRPSOHWLRQ�RI�WKH�UHTXLUHPHQWV�IRUWKH�GHJUHH�RI�'�0LQ��������5REHUW��&KULV��,QIRUPDWLRQ�UHTXLUHG�WR�GHVLJQ�D�PHDQLQJIXO�OLWXUJ\�IRU�D�FRPPXQLW\�DIWHU�DEXVKILUH�� � $Q� XQSXEOLVKHG� UHVHDUFK� SURMHFW� IRU� VWXGLHV� LQ� µ/LWXUJ\� IRU� WKH8QFKXUFKHG¶��8QLWHG�7KHRORJLFDO�&ROOHJH��6\GQH\��8QGDWHG�6PLWK��%ULDQ�/HZLV��³5LWHV�RI�3DVVDJH�6\PEROLVP��5LWXDO��/LWXUJ\�DQG�7KHRORJ\�LQ�'LVDVWHU5HFRYHU\´��LQ�3RVW�'LVDVWHU�3DVWRUDO�0LQLVWU\�ZLWKLQ�6RXWK�$XVWUDOLD��8QLWLQJ�&KXUFKLQ�$XVWUDOLD��6RXWK�$XVWUDOLDQ�6\QRG�������9DULRXV� OHWWHUV�� SDSHUV� DQG� SKRQH� FRQYHUVDWLRQV� IURP� D� YDULHW\� RI� PLQLVWHUV� ZKR� KDYHWDNHQ�D�UROH�LQ�SRVW�GLVDVWHU� OLWXUJLHV�� LQFOXGLQJ�5HY�6KLUOH\�0DGGR[��5HY�0LFKDHO�%DUQHVDQG�3DVWRU�*UDKDPH�$EUDKDPV��DOO�VHWWOHPHQWV�LQ�WKH�8&$��16:�6\QRG���5HY�-RKQ�YDQ5LHW��VHWWOHG�LQ�8&$��9LFWRULDQ�6\QRG�DQG�5HY�6\G�6PDOH��D�8QLWLQJ�&KXUFK�PLQLVWHU�ZKRFR�RUGLQDWHV�WKH�9LFWRULDQ�&RXQFLO�RI�&KXUFKHV�'LVDVWHU�5HOLHI�&RPPLWWHH�

Page 144: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

$�7KHRORJ\�IURP�1DWXUDO�'LVDVWHU$Q�$FFRXQW�RI�&\FORQH�7UDF\DQGWKH�'DUZLQ�8QLWLQJ�&KXUFK

23(1,1*�83�7+(�68%-(&77KH�EDFNJURXQG�RI�WKLV�SDSHU�LV�WKH�WURSLFDO�JDWHZD\�&LW\�RI�'DUZLQ�2Q�&KULVWPDV�(YH��������&\FORQH�7UDF\� ULSSHG� WKH�KHDUW�RXW�RI�D� FLW\�RI��������SHRSOH�:LQGV�ZHUH�DPRQJ�WKH�KLJKHVW�HYHU�UHFRUGHG�DV�VKRZQ�E\�KRZ� WKH�JDXJH�DW�WKH�'DUZLQ$LUSRUW� UHFRUGHG� RQH� JXVW� DW� ����NP�S�K�� DQG� WKHQ� VKDWWHUHG�� � 2Q� HLWKHU� VLGH� RI� WKHF\FORQH¶V�H\H�� WKH�ZLQG�JXVWHG�DW�����NP�S�K�� �5DLQ� IHOO� LQFHVVDQWO\�� �1RLVH� RXWVLGH� WKHUHQGLQJ�VKHOWHUV� LQ�ZKLFK�ZH�KXGGOHG� ZDV�KRUUHQGRXV�� � ,Q� WKLV�'DQWH¶V� ,QIHUQR�RI� VRXQGDQG�QDWXUDO� IXU\�� WKH�ERXQGDULHV�RI�WKH�UDWLRQDO�DQG� WKH� LUUDWLRQDO�VHHPHG� WR�PHUJH�� �7KHH[SHULHQFH�ZDV�XQUHDO�$IWHUZDUGV��ZKHQ� WKH�ZLQGV�GLHG� DZD\�DW�����DP�RQ�&KULVWPDV�'D\�� WKH�&LW\�RI�'DUZLQIDFHG� D� FULVLV� RI� PLQG�ERJJOLQJ� PDJQLWXGH�� � 7KH� FOHDU� WDVN�� WKHQ�� ZDV� WR� PHGLDWHUHFRQVWUXFWLRQ�LQ�ERWK�WKH�IDEULF�DQG�WKH�OLYHV�RI�WKH�FRPPXQLW\���7KH�&KXUFK�LQ�WKH�PLGVWRI�WKLV�7�6��(OLRW�ZDVWHODQG�VLWXDWLRQ��KDG�WR�WXUQ�IURP�EHLQJ�D�PDQDJHU�RI�WKH�FRPIRUWDEOH�WR�EH�WKH�PDQDJHUV�RI�D�FULVLV���,W�LV�LPSRUWDQW�WR�XQGHUVWDQG�KRZ�WKH�F\FORQH�GLG�QRW�FDXVHWKH�FULVLV��EXW�SURGXFHG�LW�7KH�UHDO�FULVLV�ZDV�WKH�PDQDJHPHQW�RI� WKH�DIWHUPDWK�HIIHFWV� LQ� WKH� OLIH�RI� WKH�FRPPXQLW\DQG� LQGLYLGXDOV�� �:KHQ� WKH�GLVDVWHU�KLW� 'DUZLQ�� WKH� SRSXODWLRQ� RI�1RUWKHUQ� 7HUULWRU\� ZDVDERXW���������SHRSOH���7KLV�LV�DQ�DUHD�RI�����������VTXDUH�NPV��ZKLFK�LV�WZLFH�WKH�VL]H�RI7H[DV�DQG�RYHU�D�TXDUWHU�WKH�VL]H�RI�FRQWLQHQWDO�(XURSH�7KH�ORJLVWLFV�RI�UHFRQVWUXFWLQJ�WKH�FLW\�WKHUHIRUH�ZHUH�EHVHW�E\�UHPRWHQHVV�IURP�KHOS��DQGE\� LWV�VHQVH�RI�WHUULEOH� LVRODWLRQ���1HYHU�EHIRUH�ZHUH�ZH� LQ�D�SRVLWLRQ�ZKHUH� WKH�QHHG� IRULQQHU�UHVRXUFHV�ZDV�SDUDPRXQW� IRU�VXUYLYDO�� �%\� WKH� VDPH� WRNHQ��QHYHU�ZDV� WKH�&KXUFKJLYHQ�D�EHWWHU�FKDQFH�RI�WHVWLQJ�LWV�IDLWKIXOQHVV�WR�WKH�*RVSHO��DQG�LWV�SRZHU� LQ�WKH�OLYHV�RISHRSOH�7+(�',6$67(5�&23,1*�*2'*RG�LV�DQ�ROG�KDQG�DW�FRSLQJ�ZLWK�GLVDVWHUV�7KLV� LV� WKH� LQVLJKW� JDLQHG� E\� WKH� SHRSOH� RI� ,VUDHO�� ZKHQ� WKH\� UHIOHFWHG� RQ� WKHLU� VRFLDOKLVWRU\���:DV�LW�QRW�WUXH�WKDW�*RG�KDG�UHVFXHG�WKHP�IURP�WKHLU�FDSWLYLW\�DV�VODYH�ODERXUHUVWR�3KDURDK� LQ�KLV�SXEOLF�ZRUNV�SURJUDPPH"��+RZ�DJRQLVHG� WKH\�KDG�EHHQ ZKHQ��DW� WKHKDQGV�RI�D�%DE\ORQLDQ�NLQJ��WKHLU�VDFUHG�FLW\�RI�-HUXVDOHP�KDG�EHHQ� VPDVKHG� WR�SLHFHV�DQG� WKHLU� OHDGLQJ�SHRSOH�H[SRUWHG�� �7KHQ�� WKHLU� VWHDG\� WUDGLWLRQDO�� UHOLJLRXVO\�FRPIRUWDEOHOLIH�KDG�EHHQ�GH�VWDELOLVHG�FRPSOHWHO\�$V�WKH�3VDOPLVW�ODPHQWV�

Page 145: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

%\�WKH�ZDWHUV�RI�%DE\ORQ��WKHUH�ZH�VDW�GRZQ�DQG�ZHSW�ZKHQ�ZH�UHPHPEHUHG�=LRQ�2Q�WKH�ZLOORZV�WKHUH�ZH�KXQJ�RXU�O\UHV�)RU�RXU�FDSWRUV�UHTXLUHG�RI�XV��VRQJV�DQG�RXU�WRUPHQWRUV��PLUWK��VD\LQJ�³6LQJ�XV�RQH�RI�WKH�VRQJV�RI�=LRQ�´ �3V�����������569�7KLV�µGLVDVWHU¶�KDG�WKH�HIIHFW�RI�NLFNLQJ�RXW�WKHLU�FRQILQHG��QDUURZLQJ�ERXQGDULHV�RI�*RG����,WPDGH�WKHP�UH�VHDUFK�IRU�D�QHZ�VHQVH�RI�QDWLRQDO�LGHQWLW\�DQG�SXUSRVH�� �7KXV��DIWHU�*RGXVHG�D�SDJDQ�HPSHURU��&\UXV��WR�IDFLOLWDWH�WKHLU�UHWXUQ�WR�WKHLU�GHYDVWDWHG�KRPHODQG��(]UDDQG�1HKHPLDK��D�UHOLJLRXV�ODZ\HU�DQG�D�GR�LW�\RXUVHOI�H[SHUW��KDG�WKH�MRE�RI�PHGLDWLQJ�WKHFRPPXQLW\¶V�UHFRQVWUXFWLRQ�*2'¶6�3/$1�'2:1�72�21(/DWHU��ZKHQ�-HVXV�&KULVW�PRYHG� LQ� WKH�PLGVW�RI� WKH�KXPDQ�KXGGOH��*RG�ZDV� IDFHG�ZLWKDQRWKHU�GLVDVWHU���:KHQ�WKH�WRS�EUDVV�LQ�5RPH�DQG�-HUXVDOHP�FRQVHQWHG�WR�KLV�GHDWK�RQ�DFURVV��*RG¶V�SODQ�IRU�KXPDQ�UHFRQVWUXFWLRQ�QDUURZHG�GRZQ��DODUPLQJO\�� WR�RQH� IUDLO�PDQ�$OO� VHHPHG� ORVW� ZKHQ� WKH�PDQ�ZKR�KDG�VWDUWHG� OLIH� LQ� D� ERUURZHG� FUDGOH�� HQGHG� LW� LQ� DERUURZHG�JUDYH�7KHQ� ZLWQHVVLQJ� EROGO\�� WKH� GLVFLSOHV� RI� -HVXV� VDLG� KH� KDG� PDQLIHVW� KLPVHOI� LQ� WKHLUH[SHULHQFH�IURP�GHDWK¶V�RWKHU�VLGH���$JDLQ��LW�ORRNHG�DV�LI�*RG�KDG�EURXJKW�RXW�RI�GLVDVWHU�DQ�HYHQW�RI�VXFK�PDJQLWXGH�DV�WR�ULYDO�LQ�LPSRUWDQFH�WKH�ILUVW�FUHDWLRQ�RI�WKH�ZRUOG���)URPWKDW�WLPH�RQ��&KULVWLDQ�WKHRORJ\�EHJDQ�WR�WDON�RI�OLYLQJ�DQG�G\LQJ�ZLWK�&KULVW��DV�LI�+H�ZHUHWKH�YHU\�NH\�WR�KXPDQ�H[LVWHQFH����6HH�HJ��5RPDQV��������7KLV�UHVXUUHFWLRQ�WKHPH�LQ�'DUZLQ�ZDV�WKH�VZHDW�VKLUW�ZH�WULHG�WR�ZHDU�DV�D�UHFRQVWUXFWLRQPHVVDJH�

³,7�0867�+$9(�%((1�7+(�:,//�2)�*2'´2Q� VWXPEOLQJ� RXW� RI� WKH� DFUHV� RI� UXEEOH� WKDW� UHSUHVHQWHG� SRVW�F\FORQH� 'DUZLQ�� ,FDPH�DFURVV�D�GLVWUHVVHG�ZRPDQ�LQ�6PLWK�6WUHHW���6KH��OLNH�KXQGUHGV�EHVLGH�KHU�KDG� ORVW�PXFK�RI�KHU�KRPH�DQG�KRSH�� �'HVSHUDWHO\�VHDUFKLQJ� IRU�VRPH�PHDQLQJ�NH\�RQ�ZKLFK�WR�KDQJ�KHU�PLQG�EHPXVLQJ�H[SHULHQFH��VKH�VWRSSHG�PH�LQ�WKH�VWUHHW�+HU��ZRUGV�ZHUH�ILHUFH���5DJLQJ�DOPRVW�³/RRN�ZKDW�KDSSHQHG�WR�XV�����RXU�KRXVH�LV�JRQH�����IXUQLWXUH�VPDVKHG��FDU�PDQJOHG����DQG�DOO�P\�KXVEDQG¶V�ZRUN�EURNHQ�XS�LQ�RQH�QLJKW�´6KH�VREEHG� ����DQG� ,� OLVWHQHG� ���� IRU�PRUH�� �:LWK�D� IODW� NLQG� RI� UHVLJQHG� YRLFH� VKHZHQW�RQ���³%XW�,�VXSSRVH�LW�PXVW�KDYH�EHHQ�WKH�ZLOO�RI�*RG�´

Page 146: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

3,(7<�$6�7(55,%/(�7+(2/2*<7\SLFDOO\��DQ�DVVXPHG�SLHW\�ULVHV�LWV�KHDG�DIWHU�GLVDVWHU���$OWKRXJK�LW�LV�FRPPHQGHG�RQ�WKHVFRUH�RI�&KULVWLDQLW\��LW�LV�GLVDVWURXV�DV�WKHRORJ\�WR�VD\�RI�F\FORQHV���³,�JXHVV�LW�PXVW�KDYHEHHQ�WKH�ZLOO�RI�*RG�´� �3UDFWLFDOO\�VSHDNLQJ�� LW�ZDV�QRW�*RG¶V� LQWHQWLRQ� IRU�SHRSOH¶V� OLYHVDQG�WKHLU�SRVVHVVLRQV�WR�EH�EODVWHG�LQWR�QRWKLQJQHVV���5DWKHU��LW�LV�KLV�LQWHQWLRQ�WKDW�KXPDQSROLF\�PDNHUV�IUDPH�F\FORQH�SURRI�EXLOGLQJV�0RVW�RI�'DUZLQ¶V�KRXVHV�SUH������ZHUH�WURSLFDO�PDWFKER[HV���(YHQ�D�%LJ�%DG�:ROI�KXIILQJDQG�SXIILQJ�ZRXOG�KDYH�VSOLW�WKHP�DVXQGHU��QRW�WR�PHQWLRQ�D�EDQVKHH�ZLQG���7KHUHIRUH�WRDVFULEH� WKH� KXPDQ� GLVDVWHU� WR� *RG¶V� ZLOO� LV� D� SDWKHWLF�� EXW� XQGHUVWDQGDEOH�� JUDE� DW� DQLOOXVLYH�PHDQLQJ�IRU�D�GH�VWDELOLVHG�OLIH�4XLWH� REYLRXVO\�� FRQFHSWLRQDO� FODULW\� GLFWDWHV� D� GLIIHUHQFH� EHWZHHQ� *RG¶V� LQWHQWLRQ� IRUUHVSRQVLEOH� KXPDQ� FRPPXQLW\� OLIH�� DQG� *RG¶V� SODQ� IRU� H[LJHQFLHV�� �:KDW� LV� WKDW� 3ODQ"*RG¶V� LQWHQWLRQ� LV� WKDW� SHRSOH� ZKR� OLYH� LQ� F\FORQH�SURQH� DUHDV� VKRXOG� EXLOG� VWRUP�ZLWKVWDQGLQJ�KRPHV���%XW�*RG¶V�SODQ�ZKHQ�WKLQJV�JR�ZURQJ�LV�DOZD\V�WR�EULQJ�QHZ�OLIH� WRDQG�WKURXJK�GLVDVWHU�2XUV� LV�D�FKXUFK��PRUHRYHU��ZKLFK� LV� WKH�FXVWRGLDQ�SURFODLPHU�RI� WKLV� IDFW�� � ,Q�D�GLVDVWHUVLWXDWLRQ�LQ�IDFW��WKH�&KXUFK�KDV�D�XQLTXH�KXPDQ�KHHGLQJ�RSSRUWXQLW\�WR�GHFODUH�WKLV�JRRGQHZV���*RG�GRHV�QRW�SXW�D�VWRSSHU�RQ�GLVDVWHUV��VLQFH�+H�LV�FRPPLWWHG�WR�WKH�VDPH�ZRUOGLQ� ZKLFK� ZH� OLYH�� DQG� LQ� -HVXV� &KULVW�� WKH� VDPH� KXPDQ� OLPLWDWLRQV�� � %XW� +H� LV� LQ� WKHVLWXDWLRQ�ZLWK�XV��KHOSLQJ�XV�WR�EDWWOH�WKURXJK�WR�WKH�HQG�7+(�32:(5�2)�7+(�0$1*/('�&+5,677ZR�PHDQLQJ�NH\V���%DQDQD�VKRRWV�DQG�GHEULV�

2QH� ZHHN� DIWHU� &\FORQH� 7UDF\�� OLIH� LQ� 'DUZLQ� ZDV� VWLOO� OLNH� D� PDGPDQ¶V� SLFQLF�3XEOLF�XWLOLWLHV�ZHUH�QRQ�H[LVWHQW���:DWHU�KDG�WR�EH�FDUULHG�LQ�FRQWDLQHUV��IRRG�IRXQGLQ�*RYHUQPHQW� GLVWULEXWLRQ� FHQWUHV�� � (OHFWULFLW\� ZDV� QRW� FRQQHFWHG� DQG� ZH� GUDQNWHSLG�ZDWHU�DQG�GULQNV�+LJK�VWHSSLQJ�RYHU�UXEEOH�EHFDPH�D�GDLO\�FKRUH��IRU�VWUHHWV�DQG�KRXVH�\DUGV�ZHUHIXOO�RI�MXQN���,W�WRRN�WZHOYH�QDY\�FKDSV�D�ZKROH�GD\�MXVW�WR�FOHDU�RXU�EDFN�DQG�IURQW\DUGV�RI�UXEEOH�DQG�EURNHQ�WUHHV��DQG�WZLVWHG�WLPEHUV�)URP�WKLV�UXEEOH��,�JDWKHUHG�D�ORQJ�SLHFH�RI�IRXU�E\�WKUHH��ZKLFK�KDG�EHHQ�ODFHUDWHGE\�IO\LQJ�FRUUXJDWHG�LURQ���$FURVV�LW�,�QDLOHG�D�EHQW�SLHFH�RI�EURNHQ�WUHH�EUDQFK���2QWKH�FURVV�EHDP�,�QDLOHG�D�SLHFH�RI�PDQJOHG�LURQ��WR�UHVHPEOH�D�WRUWXUHG�ERG\�$W� WKH�FORVH�RI� WKH� ILUVW�6XQGD\�VHUYLFH�DIWHU�7UDF\� ,� OHG� WKH�VLQJLQJ�FRQJUHJDWLRQRXWVLGH�WR�WKH�&KXUFK�ODZQ���7KHUH��ZKLOH�ZH�VDQJ�WKH�K\PQ�³-HVXV�&KULVW� LV�ULVHQWRGD\� ���´�� ,� GXJ� D� KROH� LQ� WKH� ODZQ�� DQG� SODQWHG� WKH� FURVV� ZLWK� WKH� µERG\¶� RI� WKHPDQJOHG�&KULVW�� �%HVLGH� LW��3DGUH�*OHQ�%URZQ¶V�EDQDQD�VKRRW�ZDV�DOVR�SXW� LQ� WKHHDUWK����$ODQ�%URZQ�ZDV�3DGUH�DW�'DUZLQ¶V�$LU�)RUFH�HVWDEOLVKPHQW����,W�ZDV�WKH�ILUVWQHZ�JURZWK�WR�DSSHDU�LQ�KLV�JDUGHQ���7KLV�ZDV�DQ�µRUGHULQJ¶�JHVWXUH�ZKLFK�WRRN�XSWKH�PHDQLQJ�RI�WKH�SRVW�F\FORQH�H[SHULHQFH�

Page 147: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

2I�DOO�WKH�JXW�OHYHO�WKHRORJ\�OHVVRQV�FRPLQJ�RXW�RI�7UDF\¶V�FOHQFKHG�ILVW��WKH�ILUVW�ZDV�KRZWKH� KXPDQ� VSLULW� DGRUHV� FKDRV� �� HVSHFLDOO\� RUJDQLVDWLRQDO� DQG� VRFLDO� FKDRV�� � 7KLV� ZDVV\PEROLVHG�ZKHQ� WKH�PLQLVWHUV� RI� WKH�8QLWLQJ�&KXUFK� LQ�'DUZLQ� HDFK� WULHG�� LQ� WKHLU� RZQZD\��WR�FHQWUH�SXUSRVH�DQG�GLUHFWLRQ�WR�OLIH�5HY�%HUQLH�&ODUNH��WKHQ�KROGLQJ�RXU�6\QRG�H[HFXWLYH�SRZHUV�ZLWK�*RUGRQ�6\PRQV��KLYHGRII� WR� WKH� VFKRROV�� � 7KHVH� ZHUH� VWDJLQJ� FDPSV� IRU� WKH� KXQGUHGV� RI� 'DUZLQ¶V� VXEXUEDQUHIXJHHV�� � 7KLV� LV� KRZ� +HGOH\� %HDUH�� &KLHI� (GXFDWLRQ� 2IILFHU� RI� WKH� $XVWUDOLDQ� &DSLWDO7HUULWRU\�6FKRROV�$XWKRULW\��GHVFULEHV��LQ�D�UHSRUW�³&\FORQH�7UDF\�DQG�'DUZLQ�(GXFDWRUV´�WKH�NLQG�RI�+HUFXOHDQ�MRE�GRQH�IRU�WKH�UHIXJHHV�DW�&DVXDULQD�+LJK�6FKRRO�

%\�WKH�HYHQLQJ�RI�&KULVWPDV�GD\��D�JURXS�RI�UHIXJHHV��VHYHUDO�SROLFHPHQ�DQG�VRPHOHDGLQJ�SXEOLF�VHUYDQWV�KDG�VHW�XS�&DVXDULQD�+LJK�6FKRRO�WR�VHUYLFH�WKH�WKRXVDQGVRI� SHRSOH� WKHUH�� �:RUN� JDQJV� GXJ� ODWULQH� SLWV�� SURYLGHG� ZDWHU�� ZHUH� URVWHUHG� IRUFRRNLQJ�DQG�ZDVKLQJ�XS�$1� 25*$1,6$7,21� $33($5('� 287� 2)� 127+,1*�� � 6R� FDOOHG� ³QDWXUDORUJDQLVDWLRQV´�VSUDQJ�XS�HYHU\ZKHUH�2XU�8QLWLQJ�&KXUFK� SHRSOH�PHW� IUHTXHQWO\� ZLWK� %HUQLH� DQG�*RUGRQ�� � )URP� WKHVHPHHWLQJV�RXU�OLIH�SXUSRVHV�EHJDQ�WR�WDNH�VKDSH��LQ�WHUPV�RI�QHHG�SULRULWLHV�0\�ZLIH��0DLVLH��GHFLGHG�WR�KDYH�D�µVRFLDO�HYHQLQJ¶�IRU�WKH�UHPDLQLQJ�8QLWLQJ�&KXUFKVWDII��DQG�FRRNHG�D�PHDO�RQ�RQH�JDV�ULQJ�IRU����SHRSOH���6KH�GLG�WKLV�ZLWKRXW�OLJKW�RU�KHOS��RWKHU�WKDQ�KHU�RZQ�LQQDWH�DELOLW\�WR�FRSH�ZLWK�OLIH�DV�D�FKDOOHQJH�

25'(5,1*�*(6785(6%HUQLH�PDGH�RQH�µRUGHULQJ�JHVWXUH¶�ZKLOH�0DLVLH�PDGH�DQRWKHU�NLQG���$OO�ZHUH�WR�WKH�HQG�RIEULQJLQJ�RUGHU�RXW�RI�FKDRV�0\�SDULVK�FROOHDJXH��*UDHPH�%HQFH�� IRXQG�KLPVHOI�ZLWK�D�EDVKHG�XS�&KXUFK�ZKLFK�ZDVTXLWH�XQVDOHDEOH��DQG�DQ�REOLWHUDWHG�KRPH���$V�KLV�RUGHULQJ�JHVWXUH��*UDHPH�SXW�RQ�D�UHG&URVV� EDGJH� DQG� ZHQW� WR� KHOS� KLV� ZLIH�� 'RUHHQ�� ZKR� ZRUNHG� LQ� WKLV� FUXFLDO� GLVDVWHURUJDQLVDWLRQ�)RU� P\� SDUW�� LW� FRQVLVWHG� LQ� ZRUNLQJ� ZLWK� RXU� ��� \HDU� ROG� GDXJKWHU�� .LUVW\�� LQ� SROLFHKHDGTXDUWHUV���2XU�MRE�ZDV�WR�VLW�DW�WKH�SKRQH DQG�FR�RUGLQDWH�WKH�DLUOLIW���.LUVW\¶V�MRE�ZDVWR�EH�D�FRXULHU�EHWZHHQ�SROLFH�KHDGTXDUWHUV�DQG�WKH�DLU�HYDFXDWLRQ�FHQWUH����7KLV�HQWDLOHGKHU�ZDONLQJ� WKURXJK�SLWFK�GDUN�VWUHHWV�� ILOOHG�ZLWK� UXEEOH�� �0RVWO\�P\�RZQ�SUH�RFFXSDWLRQGXOOHG�P\� IHDU� IRU� KHU� VDIHW\�� �.LUVW\�� OLNH� KXQGUHGV� RI� RWKHUV�� ZDV�PDNLQJ� KHU� RUGHULQJJHVWXUH���6KH�ZDV�WKH�OLYLQJ�OLQN�LQ�D�IUDJLOH�FRPPXQLFDWLRQV�V\VWHP�$V� +HDGOH\� %HDUH� VD\V�� ³$Q� RUJDQLVDWLRQ� DSSHDUHG� RXW� RI� QRWKLQJ�´� � 2I� FRXUVH�� KH� LVDIILUPLQJ�D�EHDXWLIXO�VHQVH�RI�RXU�WKHRORJ\���$V�KH�NQHZ�WKHUH�ZDV�D�IDPRXV�SUHFHGHQW�IRUWKLV���)RU�ZKHQ�WKH�ZKROH�XQLYHUVH�FRQVLVWHG�RI�µQRWKLQJ¶�±�LW¶V�%LEOLFDO�ZRUG�LV�µFKDRV¶��*RGPDGH�KLV�ILUVW�µRUGHULQJ¶�JHVWXUH����+H�EURXJKW�RUGHU�RXW�RI�FKDRV���$QG��E\�WKH�ZRUN�RI�+LV+RO\�6SLULW��WKURXJK�-HVXV�&KULVW��+H�LV�VWLOO�GRLQJ�WKH�VDPH�� %\���VW 'HFHPEHU��������������SHRSOH�KDG�EHHQ�HYDFXDWHG�IURP�'DUZLQ���7KLV�ZDV�GRQH�DJDLQVW�WKHEDFNJURXQG�RI�SRRU�FRPPXQLFDWLRQV��D�GDPDJHG�DLUSRUW�DQG�D�GHYDVWDWHG�FLW\�

Page 148: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

6XSUHPHO\��RI�FRXUVH��+H�GLG� WKH�VDPH�ZKHQ�WKH�ZRUOG¶V� IRUFHV�RI� LQQDWH�KRPLFLGH��HYLO�DQG�SDVVLRQDWH�HJRLVP�UDQ�RXW�RI�FRQWURO��DW�WKH�WLPH�&KULVW�KXQJ�RQ�WKH�FURVV���7KDW�ZDVZKHQ�GLVDVWHU�KLW�&KULVW���7KHQ�DOO�KLV�VWUHQJWK�ZDV�JRQH��DQG�DOO�KLV� IDLWK�� � ³0\�*RG��P\*RG��ZK\�KDYH�\RX�IRUVDNHQ�PH����´���0DWW��������(YHQ�WKH�IRUFHV�RI�QDWXUH�SURWHVWHG�ZKHQ�WKHUH�ZDV�GDUNQHVV�RYHU�WKH�ODQG���0DWW���������$OO��WKHQ��WKDW�ZDV�OHIW�RI�*RG¶V�IRRWSULQWV�LQ�WKH�VDQG�RI�3DOHVWLQH�ZDV�ORRVHO\�EORZLQJ�GXVW�$OO� �� WKDW� LV�H[FHSW�+LV� JUDFH�� DQG�SRZHU�� � 7KLV� JUDFH�DQG�SRZHU� ZDV� WKH�DJHQF\� LQ� LWVFUHDWLQJ�IHUWLOLW\�ZKLFK�UDLVHG�&KULVW�IURP�WKH�GHDG�6LQFH�WKHQ��WKH�UHVXUUHFWLRQ�KDV�VWRRG�DV�D�V\PERO�RI�SRZHU�DQG�LPSRUWDQFH�RYHU�WKH�EHVWHIIRUWV� RI� PDQNLQG� WR� UXQ� WKH� ZRUOG� RII� WKH� UDLOV�� LQ� WKH� QDPH� RI� VHOILVK� SHUVRQDO� DQGFRUSRUDWH�DJJUDQGLVHPHQW�:H��LQ�WKH�8QLWLQJ�&KXUFK�LQ�'DUZLQ��WULHG�WR�PDNH�WKLV�UHDO�LQ�WKH�SRVW�F\FORQH�GD\V���+HUHLV�DQ�H[DPSOH�

³/(7¶6�*,9(�72�7+(�&+5,670$6�%2:/�$33($/´$V� ,� ORRNHG� RYHU� WKH� 'DUZLQ� 8QLWLQJ� &KXUFK� FRQJUHJDWLRQ�� WZR� 6XQGD\V� DIWHU7UDF\��,�QHDUO\�FKRNHG�XS���7KHUH�ZDV�0DU\���OLYLQJ�LQ�D�WHQW�XQGHU�WKH�IORRUERDUGVRI�D�GHYDVWDWHG�KRPH���7KHUH�ZDV�-RDQ���JRLQJ�WKURXJK�KHOO�HYHU\�QLJKW�EHFDXVHKHU� WKUHH� \HDU� ROG� FKLOG� ZDNHV� XS� VFUHDPLQJ�� � (YHQ� WKH� VOLJKWHVW� EUHH]H� QRZWULJJHUV� WKH� FKLOG� RII�� � 7KHUH� LV�%LOO� ��&KLHI� RI�3ROLFH� IRU�'DUZLQ�� VWLOO� LPSHFFDEO\GUHVVHG��EXW�ZKLWH�DQG�GUDZQ��DQG�VKRZLQJ�WKH�VWUDLQ�RI�WKH�EXUGHQ�EHDULQJ�GRZQRQ�KLP�� �7KHUH�ZDV�0XUUD\���D�YLUWXDO�G\QDPR�RI�VWULYLQJ��ZKR�VSLOW�KLV�SUDFWLFDOKHOS�RYHU�SHRSOH�OLNH�VRRWKLQJ�RLQWPHQW�:KHQ� LW� FDPH� WLPH� IRU� WKH�RIIHULQJ�� ,�ZDV�DW�D� ORVV�� �<RX�VHH�� WKHQ��ZH�KDG�QRVKRSV�DQG�QR�PRQH\�HFRQRP\���*RXJK�:KLWODP��WKH�3ULPH�0LQLVWHU�RI�$XVWUDOLD�ZDV� IHHGLQJ�XV� DW� FRPPXQDO� NLWFKHQV�� ORFDWHG� LQ� VFKRROV�� �6KRXOG� ,� DVN� IRU� DQRIIHULQJ�IURP�SHRSOH�ZKR�KDG�ORVW�KRPHV��FORWKLQJ��FDUV�DQG�VRPHWLPHV�KRSH"6R��,�DVNHG�WKHP�VKRXOG�ZH�WDNH�XS�D�FROOHFWLRQ"��³<HV�´�WKH\�VDLG���,�ZDV�DPD]HGE\� WKH� XQDQLPLW\�� � ³<HV´�� WKH\� VDLG�� DQG� ³/HW¶V� JLYH� LW� WR� WKH� &KULVWPDV� %RZO$SSHDO�´��)URP�WKRVH�VDLQWV�ZHQW���������WR�SHRSOH�ZKRP�WKH\�ZDQWHG�WR�NQRZ�E\�DQ�DFW�RI�VXIIHULQJ�FRPSDVVLRQ�$W�WKDW�PRPHQW�LQ�WLPH��D�ZLQGRZ�RSHQHG�LQ�KHDYHQ��DQG�*RG¶V�FKXUFK�RQ�HDUWKEHFDPH�D�IHOORZVKLS�RI�ORYH�

1DWXUDO� GLVDVWHUV� WKHQ� DUH� QRW� RQO\� WLPHV� RI� PLVHU\�� �:KHQ� ZH� DUH� WU\LQJ� WR� RXW� FODVVRXUVHOYHV� DV� IDLWK�EHDUHUV�� GLVDVWHUV� JLYH� RSSRUWXQLW\� IRU� (;3/2',1*� 7+(� /,9,1*:25'���7KLV�FDQ�EH�GRQH�LQ�WZR�ZD\V���7KH�ILUVW�LV�LQ�OLVWHQLQJ�WR�OLYHG�PRPHQWV��DQG�WKHVHFRQG�LV�SUHDFKLQJ�

Page 149: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

7+(�,03257$1&(�2)�/,9('�020(176:KHQ�SHRSOH�PHW�HDFK�RWKHU�LPPHGLDWHO\�DIWHU�7UDF\��WKH\�DOO�KDG�D VWRU\� WR�WHOO���'DUZLQZDV�D�FLW\�RI�VWRU\WHOOHUV���$OO�WKHVH�VWRULHV�FHQWUHG�DURXQG�D�µOLYHG¶�PRPHQW�7KUHH�ZHHNV� DIWHU� WKH� GLVDVWHU�� ,� ZDV� RXW� LQ� WKH� QRUWKHUQ� VXEXUEV�ZLWK�0DLVLH��P\�ZLIH�EXUURZLQJ� LQWR�PRXQGV� RI�PXFN� ZKLFK� ZHUH� RQFH� KRPHV�� �:H�ZHUH� WU\LQJ� WR� VDYH� WKHYDOXDEOHV�RI�SHRSOH�IURP�RXU�FRQJUHJDWLRQ�ZKR�KDG�EHHQ�DLU�HYDFXDWHG�

%HVLGH�RQH�ZUHFNHG�KRXVH��WKHUH�OLYHG�D�ZRPDQ�LQ�D�WHQW��VLWHG�XQGHU�WKH�UHPDLQVRI�KHU�SDUWO\�GLVPHPEHUHG�KRPH�³:KDW�,�UHPHPEHU�´�VKH�VDLG�ZLWK�D�JXVK�RI�ZRUGV��³ZDV�WKH�UDLQ���,W�SRXUHG�LQ�RQXV���6RPHWLPHV�LW�KLW�XV�ZKHQ�WKH�ZLQG�ZDV�EHKLQG�XV�� �%XW� LW�ZDV�QHYHU�HQGLQJ�:H�DOO�JRW�ZHW���7KHQ�RI�FRXUVH�LW�PLOGHZHG�DQG�ZH�ORVW�LW�´³'LG�\RXU�KRXVH�JHW�LW�EDG"´�,�DVNHG�³1RW�WRR�EDG�´�VKH�UHSOLHG��³WKH�UDLQ�FDPH�WKURXJK�WKH�KROHV�LQ�WKH�URRI�´³,�JXHVV�\RX�FRXOG�VD\´��,�YHQWXUHG��³WKDW�\RXU�KRXVH�ZDV�OLNH�DQ�DUN�´³<HV�´�VKH�UHSOLHG�±�³LW�ZDV�MXVW�WKDW�´³:HOO�´� ,�VDLG��³GLG�\RX�NQRZ�WKDW�DIWHU� WKH�$UN� URGH�RXW� LWV�ZHWQHVV��*RG�VHQW�DUDLQERZ�RI�KRSH"´/,67(1,1*�72�/,9('�020(1767KH�LPSRUWDQFH�RI�OLVWHQLQJ�WR�GLVDVWHU�µOLYHG�PRPHQWV¶�LV�EHFDXVH��LI�\RX�DUH�DOHUW��\RX�FDQEXLOG�RQWR�KXPDQ�FRQVFLRXVQHVV�V\VWHPV�RI�&KULVWLDQ�PHDQLQJ�� �2GG�±� LVQ¶W� LW� �� EXW� OLIHEULVWOHV� ZLWK� WKHVH� RSSRUWXQLWLHV� ZKHQ� SHRSOH� ZDQW� WR� WDON�� � :KDW� KDSSHQV� LV� WKDW� LQGLVDVWHUV��SHRSOH�UHFHLYH�VWURQJ��HPRWLRQDOO\�HWFKHG��YLVXDO�LPSUHVVLRQV���6RPHWLPHV�WKH\DUH�ZLWK�D�EDFNJURXQG�WR� IHDU�� �7KHQ�VHHPLQJO\�� WKH\�KDYH�D�GHHS�XUJH� WR�XVH�ZRUGV� WRH[SUHVV�WKHP�7KHLU�ZRUGV�DUH�WR�EH�KHDUG�DV�VD\LQJ��³,Q�WKDW�VLWXDWLRQ�,�ZDV�GHDG�VFDUHG��DQG�,�ZDQW�\RXWR�HQWHU�LQWR�WKLV�VKDNLQJ�RI�WKH�VRXO�ZLWK�PH��DQG�KROG�PH�XS�´�� ,Q�WDONLQJ�WKH\�DUH�WDNHQLQWR� LQWHU�SHUVRQDO� UHODWLRQVKLSV�� ZKHUH� WKH\� FDQ� EH� HQULFKHG�� D� VHQVH� RI� &KULVWLDQLQWHUSUHWDWLRQ���:KDW�LV�LPSRUWDQW�WR�JUDVS�IRU�WKH�FULVLV�PDQDJHPHQW�RI�SHRSOH�LQ�GLVDVWHUVLWXDWLRQV��LV�WKDW�WKHLU�9,68$/�,0$*(6�$5(�7+(�%(*,11,1*�2)�7+(2/2*<����7KHUHLV� D� VHQVH� LQ� ZKLFK� WKHVH� YLVXDO� LPDJHV� DUH� DNLQ� WR� ZKDW� KDV� EHHQ� FDOOHG� V\PEROVHOVHZKHUH�LQ�WKHVH�OLWXUJLFDO�UHVRXUFHV���HG��6R��ZH�VWDUW� IURP�WKHLU�XSVHWWLQJ��RU�PDUYHOOLQJ��RU�ZRQGHULQJ�YLVXDO� LPDJH� WKHQ� OLVWHQ� WRWKHLU�FRQYHUVDWLRQDO�UHFRXQWLQJ�RI�WKH�VWRU\��DQG�WKHQ�UHVSRQG�ZLWK�&KULVWLDQ�LQWHUSUHWDWLRQ�,I�\RX�DOORZ�WKLV�NLQG�RI�OLIH�DFWLYLW\�WKHRORJ\�WR�JUDE�\RX��WKHQ�\RX¶OO�VHH�WKDW�SDUW�RI�-HVXV¶RZQ�*RG�LQWHUSUHWDWLRQ�XVHG�WKLV�DV�D�VWDUWLQJ�SRLQW���+H�HPSOR\HG�YLVXDO�LPDJHV�WR�EULQJKRPH�PHVVDJHV�LQ�VWRU\�IRUP�RI�*RG¶V�ZRUN�DQG�SXUSRVH�LQ�WKH�ZRUOG���³%HKROG�D�VRZHUZHQW�RXW�WR�VRZ����´��0N�����569���³7KHUH�ZDV�D�PDQ�ZKR�KDG�WZR�VRQV���´��/N�������569�

Page 150: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

3LW\� XV� ZKLWH� $XVWUDOLDQV�� IRU� RXU� YLVXDO� LPDJHV� DUH� GHJUDGLQJ� GDLO\�� EHFDXVH� RI� WKHK\SQRWLF� HIIHFW� RI� VDWXUDWLRQ� DGYHUWLVLQJ�� � %XW� PRWLYDWH� XV� $XVWUDOLDQV� WR� OHDUQ� IURP� WKH$ERULJLQDO�SHRSOH��ZKRVH�YLVXDO�LPDJHV�DUH�YHU\�FRQVFLRXV��HVSHFLDOO\�LQ�WKHLU�FHUHPRQLHV�$V�LW�LV��LW�WDNHV�D�F\FORQH�WR�WHDFK�XV�ZKDW�RXU�$ERULJLQDO�EURWKHUV�DQG�VLVWHUV��$/5($'<NQRZ���7KDW�WKH�YLVXDO�LPDJH�LV�WKH�EHJLQQLQJ�RI�WKHRORJ\���$QG�WKHRORJ\�LV�D�-DFRE�DFW�RIµZUHVWOLQJ� ZLWK� *RG¶� LQ� OLIH�� WR� ILQG� D� PHDQLQJ� WR� LW�� LQ� WKH� PLGVW� RI� RXU� UHEHOOLRQ� DQGXQFHUWDLQW\���*HQ�������������569�(;3/2',1*�7+(�:25'7KLV��WKHQ��LV�RQH�ZD\�RI�H[SORGLQJ�WKH�ZRUG���7KH�RWKHU�ZD\�RI�H[SORGLQJ�WKH�OLYLQJ�ZRUG�LVWR�EHJLQ� IURP�WKH�%LEOLFDO�EDVH� OLQH�� � ,W� LV� WUXH� WKDW�RQFH�\RX�JLYH�SHRSOH�D�*2'� ,0$*()520�'$,/<� /,)(�$1'� $&7,9,7<� 7+(<�:,//� $&7� ,7� 287� �RU�� RI� FRXUVH�� UHMHFW� LW��+RZ� ,� FDPH� DERXW� WKLV� UHYROXWLRQDU\� XQGHUVWDQGLQJ� RI� WKH� :RUG¶V� SRZHU�� ZDV� LQ� WKHFRQWH[W�RI�SUHDFKLQJ�7+(�:25'�,1�$�7523,&$/�+27�+286(

*RG� �� ,� WKRXJKW� LW� FDQ¶W�EH� WKDW�KDUG�� �+HUH� ,�VDW� LQ� WKH�VWXG\� ODWH�6DWXUGD\�QLJKW�H[KDXVWHG� E\� D� ZHHN� RI� KDVVOH�� GHPDQG�� DQG� XQFRPPRQO\� JUHDW� KHDW�� � 6ZHDWPDGH�WKH�VPDOOHVW�HIIRUW�XQFRPIRUWDEOH���:KDW�SXW�P\�VSLULW�LQ�WKH�3LW��PDGH�IDPRXVE\�WKH�3VDOPLVWV��ZDV�WKH�QHHG�WR�SUHDFK�D�VHUPRQ�WR�SHRSOH�LQ�D�IHZ�KRXUV�WLPH�:KDW�VKRXOG�,�GR"��8VH�YDSLG�*RG�WDON�ZRUGV�DQG�LPSUHVV�ZLWK�YROXPH�ZKHUH�WKHUHZDV�OLWWOH�VXUJLQJ�SRZHU"��2U�VKRXOG�,�OD\�P\VHOI�RSHQ�WR�ZKDW� WKH�6SLULW�ZDQWHG�WRVD\� WR� WKH� FKXUFK� LQ� WKH� KRW� KRXVH� FLW\� RI� SRVW�F\FORQH�'DUZLQ�� � 7KHQ� D� WKRXJKWFDPH���DW�ILUVW�LW�ZDV�OLNH�WKH�FORXG�RQ�D�KRW�GURXJKW�VN\�:KDW� ,�ZDQW�� ,� VDLG� WR� P\VHOI�� LV� QRW� EUHDG� IRU� HWHUQLW\�� EXW� EUHDG� IRU�21(�'$<�*RVK���,W�KLW�PH�����WKDW¶V�ZKDW�WKH�GHVHUW�ZDQGHULQJ�,VUDHOLWHV�KDG�WR�OHDUQ���%UHDGKRDUGHG� LV� PRXOG\� EUHDG�� EXW� EUHDG� IRU� WKH� GD\� LV� OLYLQJ� EUHDG�� � :KDW� ,¶G� EHHQDVVXPLQJ�IRU�\HDUV��WKURXJK�P\�SURIHVVRUV�DQG�WHDFKHUV��ZDV�WKDW�,�VKRXOG�KDYH�DJLIW� RI� HWHUQDO� WUXWK�� VR� WKDW� ,� FRXOG� ULGH� RQ� D� FORXG� QLQH� VSLULWXDOLW\� LQ� OLIH� DQGSUHDFKLQJ���%XW�DOO�,�ZDV�JRLQJ�WR�JHW�ZDV�EUHDG�IRU�WRGD\���$QG�OLNH�HYHU\ERG\�HOVH�,¶G�KDYH�WR�GR�P\�IDLU�VKDUH�RI�ZRUU\LQJ�DERXW�WRPRUURZ�

7+(�02'(/�2)�$�5(&216758&7,21�0,1,675<2QH�RI� WKH�PHQ�ZKR�PRGHOOHG� WKH� UHFRQVWUXFWLRQ�PLQLVWU\� WR�PH�� OLYHG�������\HDUV�DJR�+H� ZDV� D� PDQ� ZKR�� OLNH� XV�� FDPH� KRPH� WR� GHYDVWDWLRQ�� � ,Q� WKH� \HDU� ���� %&�1HEXFKDGQH]]DU�� WKH� %DE\ORQLDQ� NLQJ�� VPDVKHG� WKURXJK� WKH� FLW\� ZDOOV� RI� -HUXVDOHP�PDNLQJ� LWV� FRQWDLQHG� WRZQ� D� VKDPEOHV�� � &DUWHG� RII� DV� H[LOHV� ZHUH� VRPH� RI� WKH� SULPHOHDGHUVKLS�RI�WKH�OLWWOH�QDWLRQ�RI�-XGDK���7KH\�ZHUH�YLUWXDOO\�SULVRQHUV�LQ�WKH�FLW\�RI�%DE\ORQ�/DWHU�� WKH\� ZHUH� UHOHDVHG� E\� &\UXV�� WKH� FRQTXHULQJ� 3HUVLDQ�� ZKR� RYHUWKUHZ� WKH%DE\ORQLDQV�

Page 151: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

7KHUH�LQ�%DE\ORQ��1HKHPLDK��RQH�RI�WKH�H[LOHG�-HZV��KHOG�D�KLJK�FRXUW�SRVLWLRQ���+HDULQJEDG�UHSRUWV�RI�WKH�FRQGLWLRQ�RI�WKH�FLW\�RI�-HUXVDOHP�IURP�WKH�SHRSOH�WKHUH��1HKHPLDK�WRRNORQJ�VHUYLFH�OHDYH�ZLWK�WKH�DLP�RI�KHOSLQJ�UHEXLOG�WKH�FLW\���:KDW�D�ZD\�WR�VSHQG�D�KROLGD\�+H�ZDV�D�ORQH�PDQ�ZRUN�SDUW\���&RPSDVVLRQDWHO\�DQG�SUDFWLFDOO\��KH�EURXJKW�KLV�RZQ�WRROVDQG�PDWHULDOV�ZLWK�KLP�2QFH�WKHUH��KH�ZDV�VR�EXV\�WKDW�KH�KDG�QR�WLPH�WR�FKDQJH�KLV�FORWKHV���³6R�QHLWKHU� ,�QRUP\�EUHWKUHQ�QRU�P\�VHUYDQWV�QRU�WKH�PDQ�RI�WKH�JXDUG�ZKR�IROORZHG�PH��QRQH�RI�XV�WRRNRII�RXU�FORWKHV�´���1HKHPLDK��������$FWXDOO\�KLV�DFKLHYHPHQWV�KDG�PDQ\�RI�WKH�IHDWXUHV�RIWKH�,VUDHOL�(QWHEEH�DLUSRUW�FRPPDQGR�UDLG���7KLV�ZDV�VWHDOWK\�DVVHVVPHQW�RI�WKH�VLWXDWLRQ�PHWLFXORXV�SODQQLQJ��DQG�GDULQJ�H[HFXWLRQ�� �$JDLQVW�KLV�GHVLUH� WR�KHOS��1HKHPLDK�KDG�WRDYRLG�MHDORXV�KLW�PHQ���7KH�LQ�ILJKWLQJ�DV�D�FRPPXQLW\�FKDUDFWHULVWLF��ZDV�ILHUFH�63($.,1*�,172�$�',6$67(5�&217(;71HKHPLDK¶V� H[DPSOH� WKHQ�� VSRNH� ULJKW� LQWR� WKH� 'DUZLQ� VLWXDWLRQ�� � 5HDGLQJ� KLP� IRUSUHDFKLQJ�ZDV�DQ�HOHFWULFDOO\�FRQWHPSRUDU\�H[SHULHQFH���(YHU\WKLQJ�ZH�ZHUH�OLYLQJ�WKURXJKZDV�UHSURGXFHG�LQ�KLV�H[SHULHQFH����:H�WRR�KDG�ZRUN�SDUWLHV��VWULIH��HVSHFLDOO\�FHQWULQJ�RQULYDO�SODQV� IRU�UHEXLOGLQJ� WKH�FLW\��SHUVRQDO�FKDUDFWHU�DVVDVVLQDWLRQ��SROLWLFDO�SRZHU�SOD\V�ILJKWLQJ�ZLWK�WKH�EXUHDXFUDF\�:KDW�D�FRQWHPSRUDU\�ZRUG�FDPH�WR�XV�LQ�DQG�IRU�SUHDFKLQJ�LQ�1HKHPLDK���:KDW�ZH�KDG�WRGR��RI�FRXUVH��ZDV� WR� WDNH� WKLV�ERRN��ZKLFK�KDG�ODLQ� IDOORZ� LQ�P\� OLIH� IRU�GRQNH\¶V� \HDUV�DQG�DSSO\�LW�WR�RXU�HUD�RI�UXEEOH�DQG�KHDUWDFKH��LQ�WKH�EHHU�FDQ�FDSLWDO�RI�$XVWUDOLD�%HOLHYH�PH�LW�EHFDPH��IRU�XV��DQ�H[SHULHQFH�RI�*RG¶V�/LYLQJ�:RUG�LQ�RXU�FRQWH[W���)RU�ZKDWLWV�WULSOH�PHDQLQJ�EHFDPH�IRU�XV�ZDV�WKH�UHFRJQLWLRQ�WKDW����� 3HUVSLUDWLRQ�LV�DV�LPSRUWDQW�DV�LQVSLUDWLRQ�LQ�*RG¶V�ZRUN��� :H�PXVW�DOZD\V�PDNH�DGHTXDWH�DOORZDQFH�IRU�FULWLFLVP�DQG�SHUVRQDO�DWWDFN��ZKHQZH�DUH�LQ�WLJKW�UHFRQVWUXFWLRQ�VLWXDWLRQV��� $QG��OLNH�1HKHPLDK��ZH�PXVW�QRW�EH�NHHQ�WR�WDNH�DOO�WKH�SUDLVH�,W� ZDV� LQ� WKLV� ZD\� WKDW� 1HKHPLDK¶V� H[SHULHQFH� EHFDPH� *RG¶V� :RUG� IRU� WKH� F\FORQH�VWULFNHQ�FLWL]HQV�RI�'DUZLQ��1RUWKHUQ�7HUULWRU\�:DV� WKLV� WKH� HQG�� WKRXJK"� � 1R�� �� RI� FRXUVH� QRW�� IRU� 1HKHPLDK� UHEXLOW� WKH� ZDOOV� RI-HUXVDOHP���2QH�JUHDWHU�WKDQ�1HKHPLDK�ZDV�FUXFLILHG�2876,'(�-HUXVDOHP¶V�ZDOOV���7KLVZDV�DSSURSULDWH�IRU�KLV�ZRUN��XQOLNH�1HKHPLDK¶V�DQG�(]UD¶V��ZDV�QRW� WR�UHEXLOG�-XGDLVP�EXW�D�GHYDVWDWHG��LOO�GLVSRVHG��HYLO��GLVWRUWHG�KXPDQ�UDFH�+LV�UHFRQVWUXFWLRQ�MRE�ZDV�WKH�EXLOGLQJ�RI�D�QHZ�KXPDQLW\���,Q�WKLV�ZD\��HDFK�GLVDVWHU�LV�DQRSSRUWXQLW\� WR�FDOO�ERWK� WKH�VXUYLYRUV�DQG� WKH�QHZ�JHQHUDWLRQ� WR� D� QHZ� IXWXUH�� � ,V� LW� DQ\ZRQGHU� WKHQ� KRZ� WKH� DSSDUHQWO\� QHJOHFWHG� %LEOLFDO� SDVVDJHV�� ZKLFK� VSHDN� RI� D� FXOWXUHVKRFN� GLVORFDWLRQ�� DQG� GLVDVWHU�� OLH� GRPLQDQW� LQ� WKH� PLGGOH� FODVV� &KXUFK"� � 2XUV� WKXVEHFRPHV�D�VRIW�RSWLRQ�&KULVWLDQLW\��PRUH� FRQFHUQHG�ZLWK�PRUDOV� DQG� VRFLDO� LVVXHV�� WKDQEORRG�DQG�JXWV�VXUYLYDO��DQG�SDQLF�WKHRORJ\���7KLV�OHDGV��RIWHQ��WR�XV�SUHVHQWLQJ�D�PLGGOH�FODVV�&KULVW��LI�QRW�D�VLOHQW�&KULVW�

Page 152: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

7+(�6,/(1&('�&+5,67�,1�$8675$/,$1�&8/785(-LP�ZDV�ILIW\�RQH���:KHQ�KH�VDW�LQ�P\�VWXG\�WHDUV�VWUHDPHG�GRZQ�KLV�IDFH���$W�ILIW\�RQH��-LP�KDG�IDFHG�D�IXWXUH�ZKLFK�ORRNHG�OLNH�D�ELJ�KROH�HQWHULQJ�QRWKLQJQHVV���+HKDG�ORVW�KLV�KRPH��KLV�MRE��DQG�KLV�VHOI�LPDJH�³:KDW¶V�WKHUH�OHIW�IRU�PH"´�KH�DVNHG��LQ�VRPH�DQJXLVK�³<RX�VXUH�DUH�XSVHW´��,�UHSOLHG�³$W�P\�DJH��ZKR�ZDQWV�WR�VWDUW�DJDLQ"�� ,¶YH� ORVW���������ZRUWK�RI�KRPH��DQG�,�GLGQRW�LQVXUH�DJDLQVW�LQIODWLRQ�� �,W�ZRXOG� WDNH�PH�DQRWKHU����\HDUV� MXVW� WR�JHW�EDFN�WRZKHUH�,�ZDV�´+LV�ZRUGV�ZHUH�OLNH�WKH�EODFN�PRQVRRQ�FORXGV�RXWVLGH���7KH\�KXQJ�RYHU�ERWK�RI�XV�/RRNLQJ�DW�PH�DFFXVLQJO\��KH�FRQFOXGHG�E\�VD\LQJ�³*RG�PXVW�UHDOO\�EH�SXQLVKLQJ�PH�´³1R´��,�UHSOLHG��³<RX�PXVW�EH�SXQLVKLQJ�\RXUVHOI´�7KLV�ZDV�TXLWH�WKH�ZURQJ�WKLQJ�WR�VD\���6HQVLQJ�WKHUH�ZDV�QR�*RG�VKDULQJ�ZLWK�PH�KH� WKDQNHG�PH� SROLWHO\� IRU�P\� WLPH� DQG� OHIW�� � ,� KDG� MXVW� ZLWQHVVHG� WR� D� VLOHQFHG&KULVW�

7+(�6,/(1&('�&+5,67�2)�7+(�$8675$/,$1�&+85&+,I�WKHUH�ZDV�D�WKHRORJLFDO�WUDJHG\�DERXW�'DUZLQ¶V�FULVLV��LW�ZDV�KRZ�VR�PDQ\�SHRSOH�IRXQGWKH\�EHOLHYHG�LQ�D�VLOHQW�&KULVW���7KLV�LV�WKH�HVWDEOLVKPHQW�SUHVHQWHG�&KULVW��WKH�RQH ZKR�LVDOZD\V�µDVFHQGLQJ¶�WR�VRPH�UHDOP�RI�RPQLSRWHQW�DLU\�IDLU\�XS�WKHUHQHVV��WKH�&KULVW�ZKR�LVGHSLFWHG� DV� $/:$<6� SXUH� LQ� PRWLYDWLRQ� DQG� FOHDQ� LQ� OLIH� DQG� OLPE�� OLNHQHG� WR� DVXSHUFKDUJHG�/RUG�%DGHQ�3RZHOO�:DV�WKLV�QRW�WKH�&KULVW�RI�WKH�UHOLJLRXV�UHDOP�RI�RXU�SLHW\"��7KH�RQH�WR�ZKRP�ZH�JR�ZLWKWLG\�FRPIRUW�ODGHQ�VFULSWXUH�SDVVDJHV��DQG�µLQVSLUDWLRQDO¶�SUD\HUV"��%XW�LQ�KHDYHQ¶V�QDPH��KRZ� LV� WKLV�NLQG�RI�DERYH� OLIH��DVFHQGHQF\�&KULVW�JRLQJ� WR�VSHDN� WR�D� IDPLO\�ZKR�VLW�DW�DEDFN\DUG�$XVWUDOLDQ�EDUEHFXH�ILUH��ZKLOH�GDG�KDV�D�EHHU��DQG�PXP�WKLQNV�VKH� LV�ZRUWKLO\FHOHEUDWLQJ�KLV�ELUWKGD\�E\�ERLOLQJ�VDYV�³'(9$67$7(´+RZ�LV�WKLV�SXUH�DQG�FOHDQ��DQG�VSRWOHVV�&KULVW�JRLQJ�WR�VSHDN�WR�D�IDPLO\�RI�ILYH��ZLWK�WKHLUPRWKHU�DQG�IDWKHU��DOO�OLYLQJ�RQ�WRS�RI�HDFK�RWKHU�LQ�D�KDVWLO\�DFTXLUHG�FDUDYDQ���2U�IRU�WKDWPDWWHU��WKH�ER\V� LQ�VZHDW�VKLUWV��KROGLQJ�XS�D� IURWK\�EHHU��DQG� WDONLQJ�DERXW�VKHLODV��DQGWKH�µQDJV¶��DQG�WKH�IRRW\�:KHQ� LQ� $XVWUDOLD�� ZH� WDON� DERXW� WKH� YLVXDO� &KULVW�� ZKLFK� FRPHV� WR� XV� WKURXJK� RXU&KULVWLDQLW\��KRZ�RIWHQ�+H� LV�SUHVHQWHG�DV�DEVROXWHO\� WULXPSKDQW�� �2QO\� WKRXJK�� LQ�D�ZD\ZKLFK�PDNHV�KLP�XQUHDFKDEOH��DQG�VLOHQW�� � 7KH�RQO\�&KULVW�ZKR�ZLOO� VSHDN� LQ�$XVWUDOLD� �DQG�LQ�$XVWUDOLDQ�GLVDVWHUV���LV�WKH�KXPLOLDWHG�&KULVW���7KH�RQH�ZKR�NQHZ�ZKDW�LW�ZDV�WR�EHIRUVDNHQ��WR�QRW�ORVH�KLV�KRPH�RQO\��EXW�KLV�OLIH���7KH�ZHDN��FRQWHPSWLEOH�&KULVW��ZKR�IHOO�WRKLV�IHHW�XQGHU�WKH�ZHLJKW�RI�WKH�&URVV�

Page 153: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

7KH� SUHDFKHUV� RI� $XVWUDOLD�� ZH� OHDUQW� LQ� 'DUZLQ�� KDYH� WR� FDUU\� WKH� QHZ� LPDJH� RI� WKH$XVWUDOLDQ�&KULVW���:KDW�&KULVW�VSHDNV�WR�XV"��$Q�DFFXVLQJ�LGHDOLVW"��2U�D�µPDQ�RI�VRUURZVDQG� DFTXDLQWHG� ZLWK� JULHI¶"� � 2QO\� ZKHQ� ZH� IRUJHW� &KULVW¶V� ZHDN� KXPDQLW\�� GRHV� +HEHFRPH�VLOHQFHG�� � ,W�ZDV� WR�VKDUH�RXU�SDLQ� WKDW�&KULVW� FDUULHG� WKH�&URVV��DQG� WKLV� LV� WKH&KULVW�ZKR�VSRNH�LQWR� WKH�FULVLV�DQG�WKH�SDLQ�RI�RXU� OLYHV�� �$V� WKH�&KXUFK�VDLG�� ORQJ�DJREHIRUH�ZH�FRUUXSWHG�*RG�LQ�RXU�RZQ�LPDJH��µLPDJR�&KULVW¶�SUHFHGHV�µWKHRORJLD�&KULVW¶�/$:1�02:(5�0,66,21$5<3UREDEO\�WKH�EHVW�VLQJOH�LQYHVWPHQW�RI�WKH�RXWSRXULQJ�RI�PRQH\�DQG�ORYH��ZKLFK�VKRZHUHGXSRQ�XV�VWUXJJOHUV�LQ�WKH�:RUG��LQ�SRVW�F\FORQH�'DUZLQ��ZDV�WR�IXQG�D�µSHRSOH�PLQLVWU\¶��DVP\�PDWH��*UDHPH�%HQFH�FDOOHG�LW���7KH�QHHG�ZDV�IHOW�IRU�D�ILHOG�DJHQW�ZKR�FRXOG�URDP�WKHDFUHV� RI� GHYDVWDWHG�QRUWKHUQ� VXEXUEV�� �0U�-RQDWDQL� 5LND�� D� )LMLDQ� ZKR� KDG� EHHQ� GRLQJFRPPXQLW\� GHYHORSPHQW� ZRUN� LQ� <LUUNDOD�� ZDV� JLYHQ� WKH� MRE� RI� EHLQJ� D� ODZQ�PRZHUPLVVLRQDU\�-RQDWDQL�EHJDQ�KLV�ZRUN�LQ�DQ�DWPRVSKHUH�RI�VRPH�EDFNODVK�DJDLQVW�WKH�8QLWLQJ�&KXUFK�(YLGHQWDOO\�� VRPH� VHFWV� KDG�EHHQ� LQ� WKH� DUHD��PDNLQJ�XVH�RI� SHRSOH¶V� GLVWUHVV� IRU� WKHLUSXUSRVHV�� � 6R� -RQDWDQL� TXLW� WKH� ZRUG� JDPH�� � +H� RIIHUHG� WKHVH� SHRSOH� KLV� VNLOOV� DV� DKDQG\PDQ���+H�ZRXOG�VLPSO\�VKRZ�XS�DW�D�GHYDVWDWHG�KRPH�DQG�DVN� LI�KH�FRXOG�KHOS� LQFOHDQLQJ�DZD\�WKH�GHEULV��FKRS�RII�KLJK�JUDVV�DQG�VR�RQ�7KHQ�GXULQJ� WKH� QRUPDO� ZRUN� EUHDNV� GXULQJ� WKH� KXPLGLW\� DQG� WKH� µZDU¶� RI� WKH�PRQVRRQVHDVRQ��-RQDWDQL�ZRXOG�JHW�KLV�FKDQFH�WR�WDON���+H�WKHQ�JDYH�WKHP�FRXQVHO�DERXW�KRZ�WRJHW�&KXUFK�DQG�JRYHUQPHQW�DLG���$V�KLV�JUDVV�FXWWLQJ�VNLOOV�FDXJKW�RQ��WKH�8QLWLQJ�&KXUFKERXJKW�KLP�D�SRZHU�PRZHU���7UDF\��RI�FRXUVH��KDG�OHIW�IHZ�PRZHUV�LQWDFW�-RQDWDQL¶V�ZLIH��ORVD��SURYLGHG�DQ�XQH[SHFWHG�ERQXV���$FFRPSDQ\LQJ�KHU�KXVEDQG�RQ�KLVURXQGV�� KHU� OLYHO\� ZLQQLQJ� SHUVRQDOLW\� FDXJKW� RQ� ZLWK� SHRSOH�� � 6KH� XVHG� KHU� QHZIULHQGVKLSV� WR� LQYLWH� SHRSOH� WR� KHU� KRPH�� �:KDW� -RQDWDQL� DQG� KLV� ZLIH� GLG� LQ� ��� GD\V�RSHQHG�WKH�JDWHV�IRU�PDQ\�SHRSOH�,Q�WKH�HQG��WKLV�ZDV�ZKDW�LW�ZDV�DOO�DERXW��DQG�ZKDW�D�SULYLOHJH���DFWLQJ�RXW�WKH�UHVXUUHFWLRQLQ�WKH�QDPH�RI�LWV�RULJLQDWRU��*RG��WKH�IDWKHU�RI�RXU�/RUG�-HVXV�&KULVW�

5HY�'RXJ�0F.HQ]LH�'RXJ� LV�D�UHWLUHG�PLQLVWHU�QRZ�OLYLQJ� LQ�%ULVEDQH�� �7KLV� LV�DQ�HGLWHG�YHUVLRQ�RI� WKH�DUWLFOH'RXJ�ZURWH�LQ������ZKHQ�KH�ZDV�PLQLVWHU�RI�6W��$QGUHZV�8QLWLQJ�&KXUFK��%ULVEDQH�

Page 154: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

/LWXUJ\��/LWXUJLVWV�DQG�3RUW�$UWKXU7KH�SOHD�RQ�P\�DQVZHU�SKRQH�WROG�PH�VRPHWKLQJ�VLJQLILFDQW�KDG�KDSSHQHG���$QG�,�QHHGHGWR�UHVSRQG�,W�ZDV�D� IHZ�KRXUV� ODWHU�ZKHQ� WKH� UHODWLYHV�VWDUWHG�DUULYLQJ�DW� WKH�5R\DO�+REDUW�+RVSLWDOWKDW� ZH� ILUVW� EHJDQ� WR� VHQVH� WKH� JURZLQJ� WUDJHG\� ZKLFK� KDV� EHFRPH� NQRZQ� DV� µ3RUW$UWKXU¶�0XFK�KDV�QRZ�EHHQ�VDLG�DQG�ZULWWHQ�DERXW�WKLV�WUDJHG\�:KHQ�\RX�GURS�D�VWRQH�LQ�D�ODNH��PDQ\�ULSSOHV�IORZ�IURP�WKH�UXSWXUH��VSUHDGLQJ�RYHU�WKHVXUIDFH�RI�WKH�ODNH���:KHQ�\RX�GURS����VWRQHV�LQWR�D�ODNH�DOO�DW�RQFH��WKH�ULSSOHV�IORZ�DQGFULVVFURVV�LQ�YLROHQW�UHDFWLRQ�RYHU�WKH�HQWLUH�VXUIDFH�RI�WKH�ODNH�%HFDXVH�,�ZRUN�LQ�VHYHUDO�VLWXDWLRQV���SDULVK�DQG�KRVSLWDO���,�IHOW�LW�QHFHVVDU\�WR�DWWHPSW�WRPDNH�VHYHUDO�UHVSRQVHV�LQ�WKRVH�GLIIHUHQW�VLWXDWLRQV�� �7KXV� ,� WULHG�WR�VKDSH�ZKDW�ZH�VDLGDQG�GLG�ZLWK�LPDJLQDWLYH�OLWXUJ\�$�&$1'/(�,1�7+(�'$5.1(662QH�RI�WKH�PRVW� LPSRUWDQW�OLWXUJLHV� ,�KDYH�HYHU�SUHSDUHG�ZDV�WKH�RQH�RIIHUHG�RQ�6XQGD\�WK�0D\��������WKH�6XQGD\�DIWHU�3RUW�$UWKXU�6FRWV� &KXUFK�� VLWXDWHG� RQH� EORFN� IURP� WKH� 5R\DO� $OEHUW� +RVSLWDO�� KDG� EHHQ� RSHQHG� DOOZHHN��DQG�D�VPDOO�QXPEHU�RI�SHRSOH�KDG�HQWHUHG� IRU�SHDFH��SUD\HU�DQG�VLOHQFH�� �:KHQDSSURDFKHG��WKH\�DQG�RWKHUV�WROG�WKHLU�VWRULHV�RI�FRQQHFWLRQ�

> D�VRQ�KDG�D�PDWH�ZKR�KDG�WZR�PDWHV�ZKR�ZHUH�NLOOHG�> D�PRWKHU�ZKR�ZLWK�KHU�WZR�GDXJKWHUV�KDG�YLVLWHG�3RUW�$UWKXU�WKH�GD\�EHIRUH�> D�QHLJKERXU�ZKR�ZDV�WKH�EURWKHU�RI�WKUHH�SHRSOH�ZKR�ZHUH�NLOOHG�> D�SHUVRQ�ZKR�KDG�FDU� WURXEOH�� VR� YLVLWLQJ� IULHQGV� KLUHG�D� FDU� DQG� GURYH� GRZQWKHPVHOYHV��RQO\�WR�EH�NLOOHG�> D� SHUVRQ� ZKR� IHOW� KH� WRR� PLJKW� GR� ZKDW� WKH� DOOHJHG� JXQPDQ� KDG� GRQH�� DQGEHFDXVH�RI�KLV�VWDWH�RI�PLQG��FRPPLWWHG�VXLFLGH�EHFDXVH�KH�ZDV� IULJKWHQHG�RIKLPVHOI�> D� PRWKHU�� ZKR� RQ� KHDULQJ� KHU� VRQ� KDG� EHHQ� VHULRXVO\� ZRXQGHG� DQG� KHUGDXJKWHU�LQ�ODZ�NLOOHG��VXIIHUHG�D�KHDUW�DWWDFN�DQG�GLHG�6R�ZKDW� WR�VD\�� �<HV��EXW�HTXDOO\� LPSRUWDQW��ZKDW� WR�GR�� 7KH� µVD\¶�PHDQW� IRU�PH� WR� EHKRQHVW�DQG�UHDO���3UHDFKHU��ZKDW�GR�\RX�VHH�DQG�IHHO�����"� 7KH�µGR¶�ZDV�OLWXUJLFDO�$V�WKH�SHRSOH�DUULYHG�IRU�ZRUVKLS�����ZKLWH�FDQGOHV�ZHUH�KDQGHG�RXW���1RW�HYHU\RQH�JRW�DFDQGOH���7KHQ�IROORZLQJ�WKH�µ&HOHEUDWLRQ�RI�)DLWK¶�WKRVH�ZLWK�FDQGOHV�ZHUH�LQYLWHG�WR�FRPHWR�WKH�IURQW��OLJKW�WKHLU�FDQGOH�IURP�WKH�&KULVW�FDQGOH�DQG�IRUP�D�FLUFOH���7KRVH�ZKR�GLG�QRWKDYH� D� FDQGOH� ZHUH� WKHQ� LQYLWHG� WR� IRUP� D� ORYLQJ� FLUFOH� DURXQG� WKH� FDQGOH� EHDUHUV�7RJHWKHU�ZH�EHJDQ�WKH�KHDOLQJ�SURFHVV�RIIHUHG�ZKHQ�RQH�LV�LQ�FRPPXQLW\�

Page 155: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

7KRVH�ZLWK�FDQGOHV�ZHUH� LQYLWHG� WR�NHHS�DQG�SURWHFW� WKHP�RQ�EHKDOI�RI�XV�DOO�� � ,�VWLOO�VHHWKHP�LQ�FU\VWDO�FDELQHWV�DQG�RQ�PDQWHOV�DV�,�YLVLW���$QG�ZH�WDON�DERXW�WKDW�H[SHULHQFH�DQGWKHLU�H[SHULHQFHV�5(6725$7,21�$1'�+($/,1*$V�WKH�ILUVW�ZHHN�IROORZLQJ�WKH�WUDJHG\�GUHZ�WR�D�FORVH��WKH�KRVSLWDO�FKDSODLQV�PHW�WR�SODQ�DVHUYLFH� RI� KHDOLQJ� DQG� UHVWRUDWLRQ�� � ,W� ZDV� GHFLGHG� WR� KROG� WKH� VHUYLFH� LQ� WKH� KRVSLWDOIRUHFRXUW��ZKHUH�WKH�PHGLD�KDG�FDPSHG�IRU�WKH�SDVW�ZHHN�$OO�VWDII�ZHUH�QRWLILHG�DQG�HDFK�SHUVRQ�ZDV�LQYLWHG�WR�EULQJ�DORQJ�D�V\PERO�RI�WKHLU�ZRUN�WRVKDSH�D�WDEOHDX�RI�VHUYLFH���6RPH�GLG���7KH\�EURXJKW�D�SKRQH��D�EHG��D�WUROOH\��D�SDJHU��DQRWH�ERRN��JORYHV��D�ERRN�RI�SUD\HUV�DQG�IRRG�7KH� OLWXUJ\�FRQVLVWHG�RI�PXVLF��D�PHGLWDWLRQ�� WZR�%LEOH� UHDGLQJV�DQG�D�SUD\HU�� � $V� HDFKVHFWLRQ�ZLWKLQ� WKH�KRVSLWDO� LV�FRORXU�FRGHG�����FRORXUHG�EDOORRQV���UHG��EOXH��FOHDU�� \HOORZDQG�ZKLWH�ZHUH�DOVR�XVHG���7KH�FKDSODLQV�DGGHG�DQRWKHU�FRORXU���JUHHQ���5HSUHVHQWDWLYHVIURP�HDFK�VHFWLRQ�EURXJKW� WKH�EDOORRQV� IRUZDUG�DQG� WKHQ�DV�D�JURXS�� WKH�EDOORRQV�ZHUHUHOHDVHG�LQWR�WKH�DLU�WR�IORDW�RYHU�WKH�KRVSLWDO�DQG�WKH�FLW\���:KHQ�WKH\�ZHUH�UHOHDVHG��WKHUHZDV�DEVROXWH�VLOHQFH���QRW�SODQQHG�VLOHQFH��LW�MXVW�KDSSHQHG�$�YHU\�VSHFLDO�PRPHQW�KDSSHQHG�DW� WKH�FORVH�RI� WKH�VHUYLFH�� �6HYHUDO�KXQGUHG�VSULJV�RIJUHHQHU\�ZHUH� RIIHUHG�DV� D� V\PERO� RI� UHQHZDO� DQG�KRSH�� ,W� ZDV� WKHQ� WKDW� VWDII� VXUJHGDURXQG� WKH� FKDSODLQV� ZKR� ZHUH� KDQGLQJ� RXW� WKH� JUHHQHU\�� � 3HRSOH� WRRN� D� VSULJ� IRUWKHPVHOYHV� DQG� VHYHUDO� SLHFHV� IRU� RWKHU� VWDII�PHPEHUV� ZKR� FRXOGQ¶W� EH� SUHVHQW�� � 7KH\FODVSHG�KDQGV���7KH\�VLJKHG�LQ�UHOLHI���7KH�KHDOLQJ�RI�WKH�KRVSLWDO�KDG�DOVR�EHJXQ�7+(�0(',$�$6�/,785*,6766RPH�RI�P\�FKDSODLQ�FROOHDJXHV� IRXQG� WKH�PHGLD�SUHVHQFH� LQWUXVLYH� DQG� RYHUSRZHULQJ�7KH\�HYHQ� LQWHUSUHWHG� WKH�VSHFLDO�KRVSLWDO�VHUYLFH�DV�D�FOHDQVLQJ�PRPHQW�� VD\LQJ� WR� WKHPHGLD��\RX�QR�ORQJHU�KDYH�D�SODFH�KHUH���,�GLG�QRW�6XUH��,¶YH�ZRUNHG�LQ�WKH�PHGLD�IRU�PRUH�WKDQ����\HDUV��VR�SHUKDSV� ,¶YH�JRW�XVHG�WR� WKHLUSUHVHQFH�DW�PDMRU�HYHQWV���%XW�GHVSLWH�WKH�VWRULHV�RI�FRPSODLQW�DQG�VRPH�WDVWHOHVV�µJRW�WR�JHW�D�GLIIHUHQW�DQJOH¶� WDFWLFV� RI� D� VPDOO� QXPEHU� RI� PHGLD� SHUVRQQHO�� IRU� PH� WKH� PHGLDSOD\HG�DQ�LPSRUWDQW�OLWXUJLFDO�UROH�LQ�WKH�KHDOLQJ�SURFHVV�7KH�PHGLD�DUH� WKH�RQHV�ZKR�FDUU\� WKH�VWRULHV�DQG�WKH� LPDJHV� WR� WKH�EXON�RI� WKH�SHRSOH�ZKR�ZDLW�HDFK�PRUQLQJ�RU�HYHQLQJ�IRU�QHZV�RI�WKH�XQIROGLQJ�HYHQWV���7KH\�DUH� WKH�RQHV�ZKR� GHVSLWH� XVLQJ� WKH� VWRULHV� IRU� WKHLU� DJHQGD�� WRXFK� WKH� PLQGV� DQG� KHDUWV� RI� RWKHUV�7UHDWHG�ZLWK�UHVSHFW�DQG�KRQHVW\��PHGLD�SHUVRQQHO�FDQ�EH�OLWXUJLVWV�WR�PDQ\�PRUH�SHRSOHWKDQ�WKRVH�ZKRP�ZH�XVXDOO\�VHW�DVLGH�DV��RU�H[SHFW�WR�EH��OLWXUJLVWV���)RU�WKH\�WRR�FDQ�KHOSWR�EHJLQ�WKH�KHDOLQJ�SURFHVV�

Page 156: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

/,785*<�2)�7+(�6721(62Q�DOO� WKH�RFFDVLRQV�ZKHQ� ,�ZDV� UHTXLUHG� WR�JLYH�D� OLWXUJLFDO� UHVSRQVH� WR� WKH� WUDJHG\�RI3RUW�$UWKXU�� WKH�H[SHULHQFH�RI�RQH�SHUVRQDO� LPDJLQDWLYH� OLWXUJLFDO�HYHQW�NHSW� UHWXUQLQJ� WRPH�WLPH�DIWHU�WLPH�'XULQJ������� ,�KDG�WKH�SULYLOHJH�RI�VSHQGLQJ�VRPH�WLPH�DV�SDUW�RI� WKH�FRPPXQLW\�RQ� WKH,VOH�RI�,RQD�LQ�6FRWODQG���'XULQJ�WKDW�VWD\�,�SDUWLFLSDWHG�LQ�WKH�SLOJULPDJH�DURXQG�WKH�LVODQG�2QH�PRPHQW� GXULQJ� WKDW� SLOJULPDJH�� ZH� VSHQW� VRPH� WLPH� RQ� WKH� SHEEOHG� EHDFK� RI� 6W&ROXPED�� � /HJHQG� KDV� LW�� &ROXPED� ODQGHG� RQ� WKLV� EHDFK� RQ� 3HQWHFRVW� 'D\�� ���� $'�KDYLQJ�SUHYLRXVO\�EHHQ�H[SHOOHG�IURP�,UHODQG���+H�DQG�KLV�PRQNV�EXULHG�WKHLU�ERDW�RQ�WKHEHDFK� WKHQ� FOLPEHG� D� KLOO� �� &DUQ� &XO� UL� (LULQQ� �� D� OLWWOH� IXUWKHU� ZHVW�� � :KHQ� KH� ORRNHGWRZDUGV� ,UHODQG�� LW� FRXOG�QRW�EH� VHHQ�� � 6R�KH� WXUQHG�KLV� EDFN� RQ�KLV� KRPH� FRXQWU\� DQGKHDGHG� QRUWK� HDVW� DFURVV� WKH� LVODQG�� � 7UDQVODWHG�� WKH� KLOO� LV� FDOOHG� µ+LOO� ZLWK� LWV� EDFN� WR,UHODQG¶�5HPHPEHULQJ�WKH�VWRU\�RI�&ROXPED¶V�MRXUQH\��ZH�ZHUH� LQYLWHG�WR�UHIOHFW�RQ�RXU�RZQ� OLIH¶VMRXUQH\���7KHQ��QDPLQJ�VRPH�WKLQJ�RU�HYHQW�ZH�ZLVKHG�WR�µOHDYH�EHKLQG¶��ZH�WKUHZ�RQH�RIWKH�VPRRWK�SHEEOHV�LQWR�WKH�VHD��WXUQHG�RXU�EDFNV�RQ�WKH�%D\��DQG�PDGH�RXU�ZD\�WR�WKH0KDFKDLU��WKH�LVODQG�&RPPRQ����7KHUH�ZH�VKDUHG�OXQFK�DQG�IHOORZVKLS�WRJHWKHU�7KDW� OLWXUJLFDO� H[SHULHQFH�KDV� UHPDLQHG�ZLWK�PH�HYHU� VLQFH�DQG� FRQWLQXHV� WR� VKDSH�P\XQGHUVWDQGLQJ�RI�OLWXUJ\�DV�EHLQJ�ERWK�VWRU\�DQG�GHHG�ZLWK�LPDJLQDWLRQ���%HLQJ�D�VWRU\WHOOHU�,�GRQ¶W�ZLVK�WR�GRZQ�SOD\�WKDW�LPSRUWDQW�RUDO�WUDGLWLRQ��EXW�LW� LV�LQ�WKH�ZHDYLQJ�RI�ERWK�VWRU\DQG�GHHG�WKDW�µLPDJLQDWLYH�OLWXUJ\¶�KDSSHQV�DQG�D�KHDOLQJ�SURFHVV�FDQ�EHJLQ�,Q�WKH�DIWHUPDWK�RI�3RUW�$UWKXU��OLWXUJ\�LV�DQ�LPSRUWDQW�KHDOLQJ�H[SHULHQFH�IRU�PDQ\�SHRSOH±�ERWK�&KXUFK�OLWXUJ\�DQG�PHGLD�OLWXUJ\���$QG�,�UHFNRQ��LI�ZH¶UH�ZLVH��PRVW�ZLOO�DJUHH�WKDW¶VWKH�ZD\�LW�VKRXOG�EH�LQ�RXU�HOHFWURQLF�PHGLD�VDWXUDWHG�FXOWXUH�5HY�5H[�+XQW$W�WKH�WLPH�RI�WKH�PDVVDFUH��5H[�ZDV�PLQLVWHU�DW�6FRWV�8QLWLQJ�&KXUFK��+REDUW�DQG�ZDV�D&KDSODLQ�DW�WKH�5R\DO�+REDUW�+RVSLWDO���+H�LV�QRZ�PLQLVWHU�DW�6W��-DPHV¶�8QLWLQJ�&KXUFK�1RUWK�:RGHQ��&DQEHUUD�7KLV� DUWLFOH� ILUVW� DSSHDUHG� LQ� WKH� 6HSWHPEHU� ����� HGLWLRQ� RI� µ1HZ� 6SULQJERDUGV¶� DQG� LVUHSULQWHG�KHUH�ZLWK�WKH�SHUPLVVLRQ�RI�WKH�8QLWLQJ�&KXUFK�&RPPLVVLRQ�RQ�/LWXUJ\�

Page 157: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

3RUW�$UWKXU�$QQLYHUVDU\�6HUYLFHV7KH� H[FHOOHQW� DUWLFOH�� ´,Q� 5HPHPEUDQFH�� 3RVW� 'LVDVWHU� 5LWXDOV� DQG� 6\PEROV´�� E\� $QQH(\UH� �$-(0� ������ SURYLGHV� D� YDOXDEOH� IUDPHZRUN� WR� UHIOHFW� RQ� VRPH� RI� WKH� LPPHGLDWHUHVSRQVHV�WR�WKH�3RUW�$UWKXU�PDVVDFUH�LQ������DQG�PRUH�VSHFLILFDOO\��RQ�ZKLFK�WR�HYDOXDWHWKH�3RUW�$UWKXU�$QQLYHUVDU\�&KXUFK�6HUYLFHV� KHOG� LQ�0HOERXUQH� LQ� ����� DQG� ������ DQGZK\� RQH� ZDV� QRW� KHOG� LQ� ������ 7KLV� SDSHU� H[DPLQHV�� IURP� D� VRFLRORJLFDO� 6\PEROLFOQWHUDFWLRQLVW�SHUVSHFWLYH��DQG��,�PD\�DGG��ZLWK�KLQGVLJKW��VRPH�RI�WKH�HYHQWV�WKDW�RFFXUUHGDIWHU�WKH�VKRRWLQJV�DW�3RUW�$UWKXU�7KH� YDOXH� RI� V\PEROV� DQG� ULWXDO� KDV� EHHQ� H[SORUHG� E\� PDQ\� DXWKRUV� DQG� LQ� PDQ\GLVFLSOLQHV�� � ,QGHHG� WKH� VRFLRORJLFDO� SHUVSHFWLYH�6\PEROLF� OQWHUDFWLRQLVP�� ILUVW� GHYHORSHGIURP� WKH� ZRUN� RI� D� VFKRRO� RI� $PHULFDQ� SKLORVRSKHUV� LV� FRQFHUQHG� ZLWK� WKH� ³LQQHU� RUSKHQRPHQRORJLFDO�DVSHFWV�RI�KXPDQ�EHKDYLRXU´�,Q� D� VWXG\� ZKLFK� SURYLGHV� DQRWKHU� SHUVSHFWLYH� RQ� WKLV� WRSLF�� +HUEHUW� %OXPHU� ������VXJJHVWV�WKDW�6\PEROLF�,QWHUDFWLRQLVP�UHVWV�RQ�WKUHH�EDVLF�SUHPLVHV�7KDW�KXPDQ�EHLQJV�DFW�RQ�WKH�EDVLV�RI�PHDQLQJV�WKDW�WKH\�JLYH�WR�REMHFWV�DQGHYHQWV��UDWKHU�WKDQ�VLPSO\�UHDFWLQJ�WR�H[WHUQDO�VWLPXOL�VXFK�DV�VRFLDO�IRUFHV�RULQWHUQDO�VWLPXOL�VXFK�DV�RUJDQLF�GULYHV�7KRVH� PHDQLQJV� DULVH� IURP� WKH� SURFHVV� RI� LQWHUDFWLRQ� UDWKHU� WKDQ� VLPSO\EHLQJ�SUHVHQW�DW�WKH�RXWVHW�DQG�VKDSLQJ�IXWXUH�DFWLRQ�7KDW�PHDQLQJV�DUH�WKH�UHVXOW�RI� LQWHUSUHWLYH�SURFHGXUHV�HPSOR\HG�E\�SHRSOHZLWKLQ�LQWHUDFWLRQ�FRQWH[WV�0HDG���������VXPV�XS�WKH�,QWHUDFWLRQLVW�SHUVSHFWLYH��³ZLWKRXW�V\PEROV�WKHUH�ZRXOG�EH�QRKXPDQ�LQWHUDFWLRQ���6RFLDO�OLIH�FDQ�RQO\�SURFHHG�LI�WKH�PHDQLQJV�DWWULEXWHG�WR�WKH�V\PEROVDUH�ODUJHO\�VKDUHG�E\�PHPEHUV�RI�WKH�VRFLHW\�´$� V\PERO� WKHQ�� LV� D� VLJQ� WKDW� SRLQWV� WR� LWVHOI� DQG� DZD\� IURP� LWVHOI�� � $� V\PERO� GRHV� QRWVLPSO\�VWDQG�IRU�DQ�REMHFW�RU�DQ�HYHQW��LW�GHILQHV�WKHP�LQ�D�SDUWLFXODU�ZD\�DQG�LQGLFDWHV�DUHVSRQVH�WR�WKHP�$V� (\UH� SRLQWV� RXW� ³3RVW� GLVDVWHU� ULWXDOV� DQG� V\PEROV� KDYH� VLJQLILFDQW� LPSOLFDWLRQV� IRUGLVDVWHU�PDQDJHPHQW��QRW�RQO\�LQ�WHUPV�RI�SUDFWLFDO��ORJLVWLFDO�DUUDQJHPHQWV�VXFK�DV�FURZGFRQWURO�� EXW� DOVR� LQ� WHUPV� RI� PDQDJLQJ� VHQVLWLYHO\� DQG� DSSURSULDWHO\� WKH� UDQJH� RISV\FKRORJLFDO��VRFLDO�DQG�SROLWLFDO� LVVXHV�DVVRFLDWHG�ZLWK� WKHVH�DVSHFWV�RI� WKH� LPPHGLDWHSRVW�LPSDFW�DQG�ORQJHU�WHUP�UHKDELOLWDWLYH�VWDJHV�RI�GLVDVWHU´�5HY�6\G�6PDOH

Page 158: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

3257�$57+85681'$<���7+�$35,/������3RUW� $UWKXU� LV� D� KLVWRULFDO� VLWH� DQG� D� IRUPHU� SHQDO� FRORQ\� LQ� 7DVPDQLD�$XVWUDOLD�� 2Q� 6XQGD\� ��WK� $SULO�� ����� D� ORQH� JXQPDQ� VKRW� DQG� NLOOHG� ��PHQ��ZRPHQ�DQG�FKLOGUHQ�DQG�VHULRXVO\�ZRXQGHG�D� IXUWKHU����SHRSOH�� �)RUPDQ\�RWKHU�SHRSOH�WKH�OHJDF\�RI�WKDW�WHUULEOH�GD\�VWLOO�FRQWLQXHV�

�,� FDQ� EXW� NHHS� VXUYLYLQJ� WR� HQVKULQH� WKHLU� VSLULW� LQ� WKH�ZRUOG� WKH� LQFUHGLEOH� XQFRQGLWLRQDOORYH��WKH�ZDUPWK�DQG�IUHHGRP��WKH�GDQFH��WKH�VSRQWDQHLW\��FXGGOLQJ�DQG�NLVVLQJ��WKH\�DUH�QRORQJHU�WKHUH���,�ZLOO�KRZHYHU��SURXGO\�HQGHDYRXU�WR�NHHS�WKHLU�VSLULW�DOLYH�WKURXJKRXW�P\�OLIH�0\�ORYH�IRU�WKHP�ZLOO�QHYHU�GLH�DQG�QHYHU�EH�WDNHQ���:DOWHU�0LNDFV��ZKRVH�ZLIH�DQG�WZR�FKLOGUHQ�ZHUH�DPRQJ�WKRVH�NLOOHG��6KRFN�DQG�KRUURU�RFFXUUHG�DOO�RYHU�$XVWUDOLD�ZKHQ�WKH�QHZV�RI�WKH�NLOOLQJV�DQG�WKH�QXPEHURI�YLFWLPV�EHFDPH�NQRZQ���7KH�QHZV�RI�WKH�VKRRWLQJV�ZDV�EDG�HQRXJK�EXW�WKDW�WKH�PDVVVOD\LQJ� KDG� RFFXUUHG� LQ� $XVWUDOLD� ZKLFK� KDG� EHHQ� UHODWLYHO\� VKHOWHUHG� IURP� WKLV� NLQG� RIHYHQW�DGGHG�WR�WKH�GLVPD\�DQG�VHQVH�RI�XQEHOLHI�³7KH� JUHDWHVW� PDVVDFUH� LQ� $XVWUDOLDQ� KLVWRU\´� VFUHDPHG� RQH� QDWLRQDO� QHZVSDSHU�FRQYHQLHQWO\� IRUJHWWLQJ�WKH�KLVWRU\�RI�3RUW�$UWKXU�DV�D�SHQDO�FRORQ\�DQG�WKH�H[WHUPLQDWLRQRI�WKH�DERULJLQDO�SHRSOH�LQ�7DVPDQLD���6WLOO�LW�PDGH�JRRG�FRS\�([SUHVVLRQV�RI�VXSSRUW��DQJXLVK�DQG�YH[DWLRQ�SRXUHG�LQWR�3RUW�$UWKXU�DQG�7DVPDQLD��QRWRQO\� IURP� ZLWKLQ� $XVWUDOLD� EXW� IURP� DOO� RYHU� WKH� ZRUOG�� � $V� KDG� KDSSHQHG� DW� %UDGIRUG�+LOOVERURXJK��'XQEODQH�DQG�$EHUIDQ��WULEXWHV�RI�IORZHUV�VRRQ�IRUPHG�D�WDSHVWU\�RI�FRORXUDURXQG�WKH�%URDG�$UURZ�&DIp�ZKHUH�WKH�ILUVW�VKRRWLQJV�RFFXUUHG�$�PHVVDJH�RI�FRQGROHQFH�IURP�WKH�³SHRSOH�RI�'XQEODQH´�ZDV�WKH�ILUVW�RI�PDQ\�WKDW�ZRXOGEH�VHQW�WR�WKH�JULHYLQJ�DQG�EHZLOGHUHG�SHRSOH�RI�3RUW�$UWKXU�VWUXJJOLQJ� WR�FRPH�WR� WHUPVZLWK�ZKDW�KDG�KDSSHQHG�DV�D�UHVXOW�RI�WKH�VKRRWLQJV�E\�RQH�RI�WKHLU�RZQ�FRPPXQLW\�2QH�RI�WKH�HDUO\�DUHDV�RI�FRQIOLFW�ZDV� WKH� OHQJWK�RI� WLPH�WKDW� WKH�SHRSOH�DW� WKH�VLWH�ZHUHGHWDLQHG�E\�WKH�SROLFH���7KH�VKRRWLQJV�HQFRPSDVHG�D�ZLGH�DUHD�VR�WKDW�WKH�FULPH�VFHQHZDV�H[WHQVLYH���3HRSOH�FRXOG�QRW�XQGHUVWDQG�ZK\�WKH�GHOD\�LQ�DOORZLQJ�WKHP�WR�PRYH�DZD\IURP�WKLV�GHDWK�VLWH�WRRN�VR�ORQJ�7KH�JURZLQJ�SUHVHQFH�RI�PHGLD� UHSUHVHQWDWLYHV� EHFDPH� VR�SUHVVLQJ� WKDW� DUUDQJHPHQWVZHUH� PDGH� WR� EXV� WKHP� DURXQG� WKH� VLWH� DQG� WR� JLYH� WKHP� VXIILFLHQW� DFFHVV� WR� VLWHVDSSURSULDWH�IRU�WKHLU�QHHG�WR�REWDLQ�LQIRUPDWLRQ�DQG�ILOP�$V� DQ� XQEHOLHYLQJ� QDWLRQ� FDPH� WR� JULSV� ZLWK� ZKDW� KDG� KDSSHQHG�� DOO� RYHU� $XVWUDOLD�FKXUFKHV�RSHQHG�WKHLU�GRRUV�HQFRXUDJLQJ�SHRSOH�WR�SUD\�IRU�WKRVH�DIIHFWHG�E\�WKH�WUDJHG\�,Q�PDQ\�FKXUFKHV��KDOOV�DQG�PHPRULDO�VLWHV�SHRSOH�JDWKHUHG�DQG�FDQGOHV�ZHUH�OLW�(FXPHQLFDO�VHUYLFHV�ZHUH�KHOG�DOO�RYHU�$XVWUDOLD�DQG�LQ�&DQEHUUD��VHQLRU�SROLWLFLDQV�RI�ERWKPDMRU�SDUWLHV�RIIHUHG�WKHLU�SUD\HUV�DQG�FRQGROHQFHV�WR�WKRVH�DIIHFWHG�E\�WKH�HYHQWV�RI�WKDWGD\�� �0DQ\�FKXUFKHV�ZHUH�VWDIIHG�E\�FRXQVHOORUV�RIIHULQJ� WKHLU� VHUYLFHV�� �6HUYLFHV�ZHUHTXLFNO\�DUUDQJHG�IRU�WKH�3RUW�$UWKXU�FRPPXQLW\�DQG��LQ�+REDUW��DQ�(FXPHQLFDO�6HUYLFH�ZDVSODQQHG�DQG�KHOG�DW�6W�'DYLG¶V�$QJOLFDQ�&DWKHGUDO�

Page 159: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

:KLOH� QRW� HYLGHQW� DW� WKH� WLPH�� WKH� ILUVW� RI� WKH�PDQ\� FRQIOLFWV� ZHUH� DOUHDG\� EHJLQQLQJ� WRVXUIDFH���)RU�H[DPSOH��VRPH�RI�WKH�SHRSOH�RI�3RUW�$UWKXU�ZKR�WUDYHOOHG� WR�+REDUW� IRU� WKHVHUYLFH�VXEVHTXHQWO\�FRPSODLQHG� WKDW� WKH�VHUYLFH�ZDV� IRU� WKH� SROLWLFLDQV�� GLJQLWDULHV� DQG+HDGV�RI�&KXUFKHV�UDWKHU�WKDQ�IRU�WKRVH�VSHFLILFDOO\�DIIHFWHG�E\�WKH�VKRRWLQJV���/DWHU�WKHFRPSODLQW�ZDV�WKDW�WKH�IRFXV�ZDV�RQ�WKH�VLWH�DQG�QRW�WKH�SHRSOH�2Q�-XO\�����RYHU�����SHRSOH�DWWHQGHG�D�FOHDQVLQJ�FHUHPRQ\�DW�WKH�3RUW�$UWKXU�KLVWRULF�VLWH�7KH� FHUHPRQLHV� DOVR� LQYROYHG� PHPEHUV� RI� 7DVPDQLDV� +LQGX�� %XGGKLVW� DQG� 0XVOLPFRPPXQLWLHV� DV� ZHOO� DV� &KULVWLDQ�� � *LYHQ� WKH� PXOWLFXOWXUDO� QDWXUH� RI� WKH� $XVWUDOLDQSRSXODWLRQ��WKH�QHHGV�RI�IDLWKV�RWKHU�WKDQ�&KULVWLDQ�DUH�VRPHWLPHV�IRUJRWWHQ�,Q�WLPH��D�PHPRULDO�FURVV�ZLWK�SODTXH�ZDV�HUHFWHG�ZLWK�WKH�SURPLVH�RI�D�PRUH�SHUPDQHQWPHPRULDO�� �+RZHYHU�DV�ZDV� WKH�FDVH�ZLWK�D�QXPEHU�RI� WKH�SODQQHG�PHPRULDOV� OLVWHG�E\$QQH�$\UH��WKH�YHU\�WKLQJ� WKDW�FRXOG�KDYH� OHG� WR�D�XQLI\LQJ�RI� WKH�3RUW�$UWKXU�FRPPXQLW\FRQWULEXWHG�WR�DQ�H[WHQGHG�FRQWURYHUV\�7KH� FUX[� RI� WKH� SUREOHP� ZDV� ZKDW� WR� GR� ZLWK� WKH� %URDG� $UURZ� &DIp�� WKH� VFHQH� RI� WKHVKRRWLQJV���$�VWUDQJH�GLFKRWRP\�DURVH���0DQ\�LQ�WKH�FRPPXQLW\�ZDQWHG�LW�WR�EH�UHPRYHGDQG�UD]HG�WR�WKH�JURXQG���%XW�PDQ\�RI�WKRVH�ZKR�DFWXDOO\�ORVW�ORYHG�RQHV�LQ�WKH�FDIp�IHOW�DVHQVH�RI�DWWDFKPHQW�DQG�ZDQWHG�LW�UHWDLQHG�,W� ZDV� QRW� XQWLO� -DQXDU\� ����� WKUHH� \HDUV� ODWHU� WKDW� WKH� SUREOHP� ZDV� UHVROYHG� ZKHQDJUHHPHQW� ZDV� UHDFKHG� WKDW� WKH� SODQ� IRU� D� SHUPDQHQW� PHPRULDO� ZRXOG� LQFOXGH� WKHUHPDLQLQJ�ZDOOV�RI�WKH�%URDG�$UURZ�&DIp�DQG�ZRXOG�LQFOXGH�D�IRXQWDLQ�DQG�UHIOHFWLRQ�SRRO�7KH� PHPRULDO� ZLOO� QRW� GRPLQDWH� WKH� KLVWRULF� VLWH� EXW� LWV� LPSRUWDQFH� FDQQRW� EHXQGHUHVWLPDWHG���,W¶V�SDUW�RI�KLVWRU\�ZKHWKHU�ZH� OLNH�LW�RU�QRW���$UHDV�KDYH�WR�EH�VHW�DVLGHIRU�SHRSOH�WR�UHIOHFW��WR�EH�RQ�WKHLU�RZQ�DQG�WR�FRQWHPSODWH�ZKDW�KDSSHQHG���7KH�PHPRULDOFURVV��HUHFWHG�DIWHU�WKH�VKRRWLQJV��ZLOO�UHPDLQ�&RQIOLFW�VWLOO�H[LVWV�RYHU�WKH�GLVWULEXWLRQ�RI�WKH������PLOOLRQ�DSSHDO�PRQH\���$�FRPPLWWHH�ZDVHVWDEOLVKHG�WR�GLVWULEXWH�WKH�PRQH\�ZRUNLQJ�WR�D�IRUPXOD�GHVFULEHG�E\�WKH�7DVPDQ�&RXQFLO0D\RU� DV� D� OHYHOLQJ�RXW� IRUPXOD�� � 7KRVH� JHWWLQJ�ZRUNHUV� FRPSHQVDWLRQ� ZHUH� QRW� WR� JHWDQ\WKLQJ�XQGHU�WKH�&ULPLQDO�&RPSHQVDWLRQ�$FW���*OHQ�0DUWLQ��ZKRVH�SDUHQWV�ZHUH�NLOOHG�DWWKH�6HDVFDSH�ERDUGLQJ�KRXVH��VDLG�´�,�GRQ¶W�EHOLHYH�WKDW�WKH�ULJKW�YLFWLPV�JRW�WKH�PRQH\����WKRVH�ZKR�DUH�KDYLQJ�SV\FKLDWULF�WUHDWPHQW�JRW�WKH�PRQH\�EXW�WKH�SHRSOH�ZKR�DUH�WU\LQJ�WRJHW�RQ�ZLWK�WKHLU�OLYHV�DUH�PLVVLQJ�RXW�´,QLWLDOO\�WKH�SHRSOH�RI�3RUW�$UWKXU�WXUQHG�LQZDUG��UHDFKLQJ�RXW�WR�HDFK�RWKHU���6XFK�ZDV�WKHLQWHQVLW\�RI� WKLV�SURFHVV�RI�ERQGLQJ�DQG� IXVLRQ� WKDW� LW� FRXOGQ¶W� ODVW�� � )ULHQGVKLSV� EHFDPHVWUDLQHG�� SHUVRQDO� UHODWLRQVKLSV� EHJDQ� WR� GLVLQWHJUDWH�� FRXSOHV� EURNH� XS� DQG� PDUULDJHVEURNH� GRZQ�� � 7KH� GLVWULEXWLRQ� RI� DSSHDO�PRQH\� DQG� WKH� VHOHFWLRQ� RI� SHRSOH� IRU� EUDYHU\DZDUGV�DLGHG�WKLV�SURFHVV�RI�GLVLQWHJUDWLRQ�5LIWV�EHJDQ�WR�DSSHDU�LQ�RWKHU�DUHDV�DV�ZHOO��HJ�EHWZHHQ�WKH�3RUW�$UWKXU�+LVWRULF�6LWH��WKHPDLQ� HPSOR\HU� RQ� WKH� SHQLQVXOD� DQG� WKH�PDLQVWD\� RI� WKH� ORFDO� HFRQRP\�� DQG� WKH� ORFDOFRPPXQLW\���7KH�WXUQ�RYHU�RI�VWDII� LQ�D�QRUPDO�\HDU�ZRXOG�UDUHO\�UHDFK�PRUH� WKDW�����RIWKH�ZRUNIRUFH���,Q�WKH�LPPHGLDWH�DIWHUPDWK�RI�$SULO����������WKH�ILJXUH�VWRRG�DW�����&ULWLFLVPV�ZHUH�EHJLQQLQJ� WR� VXUIDFH�� � 7DON� RI� D� FRQVSLUDF\�ZDV� EHJLQQLQJ� WR� EH� KHDUG�³7KHUH�LV�D�FRYHU�XS�JRLQJ�RQ�WR�SURWHFW�WKH�7DVPDQLDQ�7RXULVW�,QGXVWU\´�7KH�GHVLUH�IRU�VRPH�YLVLWRUV�WR�FRQFHQWUDWH�RQ�WKH�VKRRWLQJV�UDWKHU�WKDQ�RQ�WKH�KLVWRULF�VLWHDV�D�ZKROH��EHFDPH�DQ�LVVXH�DQG�OHG�WR�WKH�HUHFWLRQ�RI�D�VLJQ�DW�WKH�WROO�ERRWK�� LWVHOI� WKHVLWH�RI�VHYHQ�VKRRWLQJV�

Page 160: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

7KH�3RUW�$UWKXU�6KRRWLQJV���$SULO���������7KLV�HYHQW�KDV�WRXFKHG�XV�DOO�DQG�FDXVHV�XV�PXFK�SDLQ:ULWWHQ�LQIRUPDWLRQ�LV�DYDLODEOH�IURP�WKH�VWDII+RZHYHU��ZH�DVN�\RX�QRW�WR�GLVFXVV�WKH�LQFLGHQW�ZLWK�XV�

7KLV�� WKHQ��ZDV�SDUW�RI� WKH�EDFNJURXQG� WR� WKH� ILUVW�DQQLYHUVDU\�HYHQW� KHOG� LQ�0HOERXUQH�9LFWRULD�RQ�$SULO���������2XW�RI�WKH����SHRSOH�NLOOHG�����UHVLGHG�LQ�9LFWRULD�DQG�PDQ\�PRUH�9LFWRULDQV�ZHUH�DPRQJWKH�VHULRXVO\�ZRXQGHG���6LQFH�WKDW�GD\�LQ������D�VWURQJ�VXUYLYRUV�VXSSRUW�JURXS�KDV�EHHQHVWDEOLVKHG�ZLWK�VRPH�SHRSOH�FRPLQJ�IURP�LQWHU�VWDWH�ZKLFK� LQGLFDWHV�FRQWLQXLQJ�YDOXH�LQPHHWLQJ�WKH�QHHGV�RI�WKH�PHPEHUV�+DG�WKH�VXUYLYRUV�JURXS�EHHQ�PRUH�YLVLEOH�LQ������DQG�WKH�9LFWRULDQ�&RXQFLO�RI�&KXUFKHVSODQQLQJ�JURXS�PRUH�DZDUH�RI�WKH�LPSRUWDQFH�RI�LQFOXGLQJ�WKH�VXUYLYRUV�LQ�WKH�SODQQLQJ�RIWKH� VHUYLFH�� WKH� VHUYLFH� ZRXOG� QRW� KDYH� HQGHG� XS� LQ� EHLQJ� PDLQO\� FOHUJ\� GLUHFWHG� DQGSODQQHG�� � +DYLQJ�PHPEHUV� RI� WKH� VXUYLYRUV� JURXS� LQYROYHG�ZRXOG� QRW� QHFHVVDULO\� KDYHHOLPLQDWHG� GLVDJUHHPHQWV� ZLWKLQ� WKH� VXUYLYRUV� JURXS� LWVHOI� RYHU� FRQWHQW� DQG� SURFHVV� DVZDV�HYLGHQW�LQ�WKH�SODQQLQJ�IRU�WKH������DQQLYHUVDU\�5HSUHVHQWDWLYHV�RI�WKH�5RPDQ�&DWKROLF��$QJOLFDQ�DQG�WKH�8QLWLQJ�&KXUFK�IRUPHG�WKH�PDMRUSDUW� RI� WKH� ZRUVKLS� SODQQLQJ� FRPPLWWHH�� � 7KH� $VVLVWDQW� 0DQDJHU� RI� WKH� 6WDWH� +XPDQ6HUYLFHV�'LVDVWHU�5HFRYHU\�8QLW��D�+XPDQ�6HUYLFHV�'HSXW\�5HFRYHU\�0DQDJHU��DQG� WKHFRQVXOWDQW�SV\FKRORJLVW� WR� WKH�9LFWRULDQ�'HSW��RI�+XPDQ�6HUYLFHV��DOO�RI�ZKRP�KDG�EHHQGHHSO\� LQYROYHG� LQ� WKH� LQLWLDO� UHVSRQVH� WR� WKH� DFWXDO� VKRRWLQJV�� DQG� WZR� VXUYLYRUV� DOVRDGGHG�LQSXW�LQWR�WKH�SODQQLQJ�RI�WKH�VHUYLFH�7KH� ILUVW�GLVFXVVLRQ�ZDV�FRQWURYHUVLDO�� � 7KH�FOHUJ\�DJUHHG� WKDW� WKH� WKHPH�VKRXOG�EH� WKHNH\VWRQH� RI� WKH� &KULVWLDQ� IDLWK�� WKDW� RI� IRUJLYHQHVV� DQG� UHFRQFLOLDWLRQ�� � %XW� ZHUH� WKH\H[SHFWLQJ�WRR�PXFK"��:HUH�WKH�VXUYLYRUV�UHDG\�DQG�ZLOOLQJ�WR�IRUJLYH��ZDV�WKH�FRQFHUQ�7KH� FRQVXOWDQW� SV\FKRORJLVW� EHOLHYHG� WKDW� WKH� VXUYLYRUV� QHHGHG� WR� IDFH� WKH� LVVXH� RIIRUJLYHQHVV�LI�WKH\�ZHUH�QRW�WR�FRQWLQXH�WR�OLYH�VWUHQJWKHQHG�RQO\�E\�WKH�QHHG�WR�KDWH���³7RGR�VR���KH�VDLG���FRQWLQXHG�WKHLU�VXIIHULQJV�DV�YLFWLPV��7KDW�ZDV�DOO�YHU\�ZHOO��EXW�ZKHUH�ZHUH�WKH�VXUYLYRUV�LQ�WKH�MRXUQH\LQJ"'XULQJ�WKH�SDVW�\HDU� WKHUH�KDG�EHHQ�PDQ\�DUWLFOHV�DQG� LQWHUYLHZV�RQ� WKH�VXEMHFW�RI�JULHIDQG� VLJQLILFDQW� ORVV�� � ³/LYHV� WRUQ� DSDUW� E\�HYLO� LQVDQLW\´�� ³7LPH� WR� WDON´�� ³7KH� OLYLQJ� GHDG�FRPLQJ�WR�WHUPV�ZLWK�WUDJHG\´���7R�ZKDW�H[WHQW�KDG�WKH\�XQGHUVWRRG��IDU�OHVV�DFFHSWHG"7KH�GHFLVLRQ�ZDV�PDGH�WR�JR�ZLWK�WKH�WKHPH�RI�³)RUJLYHQHVV�DQG�5HQHZDO´��DQG�WKDW�WKHVHUYLFH� EH� KHOG� LQ� D� FHQWUDO�� GRZQWRZQ�� EOXHVWRQH� FHQWXU\� ROG� FKXUFK� ZKLFK� JDYH� DQDWPRVSKHUH� RI� WLPHOHVV� VROLGDULW\� DQG� VHFXULW\�� � 7R� LQYROYH� UHSUHVHQWDWLYHV� RI� PDQ\GHQRPLQDWLRQV�DQG�RWKHU�IDLWKV�D�SURFHVVLRQ�RI�+HDGV�RI�&KXUFKHV�DQG�RWKHU�FOHUJ\�DQGOHDGHUV�PDUNHG�WKH�RSHQLQJ���6XUYLYRUV�WRRN�SDUW�LQ�WKH�VHUYLFH��QRW�D�VLJQLILFDQW�SDUW�EXW�DSDUW���DQG�D� OLWXUJ\�DSSURSULDWH� IRU� WKH�RFFDVLRQ�ZDV�DJUHHG�XSRQ�� �1R�VSHFLILF� LQYLWDWLRQZDV� PDGH� WR� WKH� *RYHUQPHQW� RU� WR� WKHLU� UHSUHVHQWDWLYHV� WKRXJK� VRPH� GLG� FRPH� LQUHVSRQVH�WR�WKH�JHQHUDO�SXEOLF�LQYLWDWLRQ�

Page 161: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

$W�D�VLPLODU�0HPRULDO�6HUYLFH�DW�3RUW�$UWKXU�� LQ� WKH�ROG�FRQYLFW� FKXUFK�� IDOOHQ�RDN� OHDYHVV\PEROL]LQJ�FKDQJH�ZDV�WR�EH�WKH�IRFXV�RI�WKH�ILUVW�PHPRULDO�VHUYLFH���2YHU�WKH�SDVW�\HDUYLVLWRUV� WR� WKH� VLWH� KDG�GRQDWHG������GDIIRGLO� EXOEV� WR� JR� WRZDUGV� D�PDVV� SODQWLQJ� LQ� DVSHFLDO�JDUGHQ�ORFDWLRQ���7R� OLQN� WKH�VHUYLFH� LQ�0HOERXUQH�ZLWK�3RUW�$UWKXU��GDIIRGLO�EXOEVZHUH�WR�EH�JLYHQ�RXW�WR�DOO�ZKR�DWWHQGHG�DQG�DVNHG�WR�SODQW�WKHP�LQ� WKHLU�RZQ�JDUGHQ��� ,WZDV�LQWHUHVWLQJ�WR�KHDU�LQ�WKH�DIWHUPDWK�RI�WKH�VHFRQG�DQQLYHUVDU\�VHUYLFH�LQ�������SHRSOHDVNLQJ�HDFK�RWKHU�KRZ�ZHOO�WKHLU�GDIIRGLO�EXOEV�KDG�JURZQ�7KHUH� ZDV� DOVR� D� GHVLUH� WR� OHW� SHRSOH� NQRZ� WKDW� WKHUH� ZHUH� VWLOO� SHRSOH� ZKR� FRXOG� EHFRQWDFWHG� LI� DQ\RQH� IHOW� WKH� QHHG IRU� FRXQVHOOLQJ�� � :KDW� ZDV� QRW� ZDQWHG� ZDV� DQDQQRXQFHPHQW�WR�WKDW�HIIHFW�GXULQJ�WKH�VHUYLFH�RU�WR�LQFOXGH�D�OLVW�RI�QDPHV�LQ�WKH�RUGHU�RIVHUYLFH���:KDW�KDSSHQHG�ZDV�WKDW� WKH�EXOEV�ZHUH�SODFHG�LQWR�D�VPDOO�SODVWLF�EDJ��ERXQGZLWK�D� ULEERQ�DQG�D�VPDOO� FDUG�DWWDFKHG�ZKLFK� UHDG�RQ�RQH�VLGH�´�D�V\PERO�RI� ORYH�DQGKRSH´�DQG�RQ�WKH�RWKHU�D�OLVW�RI�FRQWDFW�QDPHV�RI�FRXQVHOORUV���$�VPDOO�FKLOG�DQG�D�VXUYLYRUFDUULHG�WKH�EXOEV�LQ�D�EDVNHW�LQWR� WKH�FKXUFK�DQG�SODFHG�WKHP�LQ� WKH�FHQWUH�RI�D�FLUFOH�RIEXUQLQJ�FDQGOHV�WR�V\PEROL]H�WKH�GHIHDW�RI�GDUNQHVV�$UUDQJHPHQWV� ZHUH� DOVR� PDGH� ZLWK� WKH�PHGLD� WR� PDNH� D� VSDFH� LQ� WKH� FKXUFK� IRU� RQHFDPHUD��WKH�ILOP�WR�EH�VKDUHG�DPRQJ�WKH�VWDWLRQV��DFFHVV�WR�VXUYLYRUV�ZKR�ZHUH�ZLOOLQJ�WREH�LQWHUYLHZHG�LQ�H[FKDQJH�IRU�QR�PHGLD�SUHVHQFH�LQ�WKH�DGMRLQLQJ�KDOO�ZKHUH�OXQFK�ZDV�WREH�VHUYHG���7KHUH�ZDV�D�QHHG�DIWHU�WKH�VHUYLFH� WR�HQVXUH�SULYDF\�DQG�HPRWLRQDO�VHFXULW\IRU� WKH�VXUYLYRUV�� IDPLO\�DQG�IULHQGV�DQG�� LI� UHTXLUHG��FRXQVHOOLQJ�� �7KH�PHGLD�NHSW� WR� WKHDUUDQJHPHQW�� � ,QGHHG�� LW� EHFDPH� FOHDU� WKDW� WKH�PHGLD�� ZKR� QHHGHG� WR� JHW� WKHLU� VWRULHV�ZHUH� QRW� LQVHQVLWLYH� WR� WKH� QHHGV� RI� WKH� VXUYLYRUV� DQG� WKHLU� IDPLOLHV� DQG�� LI� JLYHQ� WKHRSSRUWXQLW\��ZHUH�ZLOOLQJ�WR�KHOS�:KLWH�GRYHV�ZHUH�UHOHDVHG�DV�WKH�FRQJUHJDWLRQ�FDPH�RXW�RI�WKH�FKXUFK��DJDLQ�D�V\PERO�RISHDFH�7KH�PDMRU�TXHVWLRQ�RYHU�ZKLFK�WKHUH�ZDV�JUHDW�GLVFXVVLRQ�DQG�VRPH�GLVDJUHHPHQW�ZDVZKHWKHU� WKHUH�ZRXOG�EH�D�SUD\HU� IRU� WKH�SHUSHWUDWRU�� � ,Q� WKH� HQG� WKH�DQVZHU� ZDV� LQ� WKHDIILUPDWLYH��DOWKRXJK�WKDW�ZDV�DW� WKH� LQVLVWHQFH�RI� WKH�FOHUJ\�� � ,I� WKH�WKHPH�RI� WKH�VHUYLFHZDV�WR�EH�IRUJLYHQHVV�DQG�UHQHZDO��WKH\�DUJXHG�VXFK�D�SUD\HU�KDG�WR�EH�LQFOXGHG�7KHUH�ZHUH�VKRUW�SUD\HUV�³)RU�WKRVH�ZKR�KDYH�GLHG´�� ³)RU� WKRVH�ZKR�PRXUQ´�� ³)RU� WKRVHZKR�VXUYLYHG´��ZLWK�D�EULHI�VLOHQFH�EHWZHHQ�HDFK�ZLWK�EDFNJURXQG�PXVLF�SOD\HG�RQ�D�KDUS��7KHUH� ZDV� D� FRQFHUQ� WKDW� FRPSOHWH� VLOHQFH� PD\� EH� WRR� GLIILFXOW� IRU� VRPH� RI� WKHFRQJUHJDWLRQ�WR�FRSH�ZLWK����7KHQ�FDPH�WKLV�SUD\HU�³)RU�WKH�SHUSHWUDWRU�RI�WKLV�WUDJHG\��(WHUQDO�*RG��IURP�KLV�FURVV�RI�VKDPH<RXU�VRQ�IRUJDYH�WKRVH�ZKR�FRQVSLUHG�DQG�SXW�KLP�WR�GHDWK�*LYH�XV�WKH�VWUHQJWK��DQG�KHOS�XV�WKURXJK�\RXU�JUDFH�7R�PRYH�EH\RQG�YHQJHDQFH�WRZDUGV�KLP�ZKR�SHUSHWUDWHG�WKLV�KRUURU7R�IRUJLYHQHVV�DQG�SLW\�LQ�WKH�FLUFXPVWDQFHV�ZKLFK�OHG�WR�VXFK�D�FULPH�,Q�KLV�DQJXLVK��PD\�KH�NQRZ�UHPRUVH�DQG�\RXU�IRUJLYHQHVV�0D\�WKH�RIIHULQJ�LQ�SUD\HU�RI�RXU�IRUJLYHQHVV�EH�WKH�EHJLQQLQJ�RI�RXU�RZQ�SHDFH�7KHVH�WKLQJV�ZH�DVN�LQ�WKH�QDPH�RI�RXU�PXUGHUHG��ULVHQ�DQG�YLFWRULRXV�6DYLRXU�-HVXV�&KULVW�RXU�/RUG� $PHQ�

7KH�FOHUJ\�GLGQ¶W�KDYH�WR�ZDLW� ORQJ�IRU�D�UHDFWLRQ���$V�VRRQ�DV�WKH�SHRSOH�ZHUH�LQ�WKH�KDOOVRPH�RI� WKH�VXUYLYRUV�DQJULO\�DVNHG�KRZ�ZH�FRXOG�KDYH�SRVVLEO\� WKRXJKW� WKDW� WKH\�FRXOGSUD\� IRU� �WKDW�%DVWDUG´�� �:H�KDG� IDLOHG�� LW� ZDV� WRR� VRRQ�� WRR�PXFK� WR� H[SHFW�� �:H�ZHUHQDLYH��WR�VD\�WKH�OHDVW�

Page 162: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

6RPH� PRQWKV� ODWHU�� DW� RQH� RI� WKH� JDWKHULQJV� RI� WKH� VXUYLYRUV�� RQH� RI� WKH� PRVW� YRFDOSHUVRQV�LQ�KHU�GHQRXQFHPHQW�RI�WKH�SUD\HU�FDPH�XS�DQG�DSRORJL]HG�IRU�KHU�UHDFWLRQ�DIWHUWKH�VHUYLFH���³<RX�NQRZ���VKH�VDLG��³ZH�ZHUH�VR�DQJU\�ZLWK�\RX�IRU�DVNLQJ�XV�WR�SUD\�IRU�WKHSHUSHWUDWRU� WKDW�DOO�ZH�FRXOG�GR�DIWHUZDUGV�ZDV� WR� VKDUH� RXU� DQJHU�� KDWUHG�� GLVJXVW� DQGUDJH�DW� \RX�� WKH� HYHQW� DQG� RXU� SDLQ�� � $QG� \RX� NQRZ�� ZKHQ� VRPH�RI� XV�PHW� VRPH� WLPHDIWHUZDUGV��ZH�GLVFRYHUHG�WKDW��IRU�DOO�RI�XV��LW�ZDV�WKH�ILUVW�WLPH�ZH�KDG�UHDOO\�YHQWHG�RXUIHHOLQJV� DQG� ZH� IHOW� DOO� WKH� EHWWHU� IRU� LW�´� � ³,V� WKDW´� VKH� DVNHG�� ³WKH� EHJLQQLQJ� RIIRUJLYHQHVV"´:KHQ�WKH�9LFWRULDQ�&RXQFLO�RI�&KXUFKHV�ZDV�DVNHG�WR�RUJDQL]H� WKH�6HFRQG�$QQLYHUVDU\6HUYLFH�LQ������WKHUH�ZDV�VRPH�GRXEW�DV�WR�ZKHWKHU�VXFK�D�VHUYLFH�KLQGHUHG�UDWKHU�WKDQKHOSHG� WKH� VXUYLYRUV� WR� JHW� RQ�ZLWK� OLIH� DQG� WR� SXW� 3RUW� $UWKXU� EHKLQG� WKHP�� � 7KDW� ZDVFHUWDLQO\�WKH�YLHZ�RI�D�SV\FKRORJLVW�+RZHYHU��WKH�JDWKHULQJV�DQG�SLFQLFV�ZHUH�QRW�RQO\�FRQWLQXLQJ��WKH�QXPEHUV�ZHUH�JURZLQJZLWK�QHZ�PHPEHUV�IURP�RWKHU�VWDWHV���,W�ZRXOG�VHHP�RQ�WKDW�HYLGHQFH�WKDW�WKHUH�ZDV�VWLOO�DQHHG��VR�D�VHUYLFH�ZDV�DUUDQJHG�EXW�WKLV�WLPH�ZLWK�D�PDMRU� LQSXW�DQG�SDUWLFLSDWLRQ�E\�WKHVXUYLYRUV�DQG�IHZHU�FOHUJ\�7KH�WKHPH�DJUHHG�WR�ZDV�³5HPHPEHULQJ�RXU�-RXUQH\´�DQG�WKH�ORFDWLRQ�ZDV�WKH�/XWKHUDQ&KXUFK�DW�WKH�GHYHORSLQJ�QHZ�DUHD�RI�6RXWKEDQN�RQ�WKH�<DUUD�5LYHU���7KH�FKXUFK�ZDV�DUHODWLYHO\� QHZ� EXLOGLQJ�� EULJKW�� PRGHUQ� ZLWK� DQ� RXWORRN� WR� WKH� FLW\� DQG� WKH� ULYHU�� � 7KHDWPRVSKHUH�ZDV�RI�QHZQHVV�DQG�OLIH�DQG�WKH�VHUYLFH�UHIOHFWHG�WKDW�LPDJH���$V�IRU�WKH�ILUVWVHUYLFH�� WKH� &KDSODLQ� RI� WKH� +REDUW� +RVSLWDO� IOHZ� LQWR� 0HOERXUQH� DQG� VSRNH� WR� WKHFRQJUHJDWLRQ�� �+H�KDG�DOUHDG\�PHW�VRPH�RI� WKH�VXUYLYRUV� WKUHH�\HDUV�SUHYLRXVO\�DV� WKH\DUULYHG�IRU�WUHDWPHQW�IURP�3RUW�$UWKXU�DQG�DOVR�WKH�IDPLOLHV�ZKR�FDPH�WR�LGHQWLI\�WKH�GHDGDQG�WR�JULHYH�ZLWK� WKH� OLYLQJ�� �+H�KDG�JRQH�GRZQ� WR�3RUW�$UWKXU� MXVW�EHIRUH�FDWFKLQJ� WKHSODQH�IRU�0HOERXUQH�DQG�GHVFULEHG�WKH�QHZ�EHJLQQLQJV�DQG�JURZWK�WKDW�ZDV�WDNLQJ�SODFHDW�3RUW�$UWKXU�³,�VDW�DW�WKH�ZDWHU¶V�HGJH�´�KH�VDLG���³,�ZDWFKHG�WKH�VXQ�ULVH�DQG�JLYH�ELUWK�WR�D�QHZ�GD\�DQG,�UHMRLFHG�LQ�WKDW�UHELUWKLQJ´�,Q�0HOERXUQH��WKH�VXQ�ZDV�VKLQLQJ�DIWHU�WKH�UDLQ���7KHUH�ZDV�PRYHPHQW�DQG�FRORXU�DPRQJWKH� SHRSOH�� � 7KH� ERDWV� ZHUH� PRYLQJ� DORQJ� WKH� ULYHU�� DQG� WKH� VHUYLFH�� WRR�� KDG� DQDWPRVSKHUH�RI�UHQHZDO�DQG�QHZ�OLIH���3HUKDSV�WKH�PRVW�PRYLQJ��PRPHQW�FDPH�ZKHQ�RQHRI�WKH�VXUYLYRUV�UHDG�WKLV�SLHFH�³:H�EHOLHYH�LQ�WKH�JLIW�RI�VRUURZ��ZKLFK�FDUULHV�XV�EDFN�WR�KXPDQQHVV$QG�UHPLQGV�XV�RI�WKH�ZD\�ZH�GUHDPHG�OLIH�FRXOG�EH$QG�PDUNV�WKH�ORYH�DQG�VDFULILFH�RI�PDQ\�SHRSOH�/RYH�ZKLFK�FDOOV�XV�WR�ILQG�QHZ�SDWKV�WKURXJK�WKH�EOXUUHG�ODQGVFDSH�RI�RXU�WHDUV�:H�EHOLHYH�WKDW��GHVSLWH�EHWUD\DO�DQG�YLROHQFH�LQ�ZD\V�ZH�GR�QRW�IXOO\�XQGHUVWDQG:H�DUH�QRW�OHIW�DORQH��WKDW�PDQ\�SHRSOH�DUH�VWDQGLQJ�ZLWK�XV�DQG�DORQJ�VLGH�XV�$QG�ZH�EHOLHYH�WKDW�ZH�QHHG�QRW�VWD\�VRUURZLQJ�IRUHYHU�%XW�WKDW�RXU�VSLULWV�DQG�KRSHV�FDQ�ULVH�DQG�OLIW�XV�DV�VXUHO\�DV�GD\�IROORZV�QLJKW�´7KLV� \HDU�� ������ WKHUH� ZDV� QR� UHTXHVW� IRU� DQ� RIILFLDO� DQQLYHUVDU\� VHUYLFH�� � ,QVWHDG� WKHVXUYLYRUV�� IDPLOLHV�DQG� IULHQGV�PHW� LQ�D�JDUGHQ�DQG�KDG� WKHLU� RZQ� VHUYLFH�� � ,W� ZDV� D� IXOOVHUYLFH� ZLWK� SUD\HUV�� SRHPV� DQG� UHDGLQJV�� VRPH� RI� ZKLFK� KDG� EHHQ� ZULWWHQ� E\� WKHVXUYLYRUV�� � 7KHUH�ZHUH�PRPHQWV� RI� VLOHQFH� WR� UHPHPEHU� WKH� SDVW�� WKRVH� WKDW� KDG� EHHQNLOOHG� RU� LQMXUHG� DQG� IRU� WKH� VXUYLYRUV� WKHPVHOYHV�� � 7KH� VHUYLFH� RYHU�� WKH\� WKHQ� KDG� DSLFQLF�

Page 163: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

7KH\�KDYH�RQH�UHJUHW�� � 7KH�9LFWRULDQ�VXUYLYRUV�ZLVK� IRU�D� ³0HPRULDO�3ODFH´�� VRPHZKHUHZKHUH� WKH\� FDQ�JDWKHU� WR� UHPHPEHU�� D� SODTXH�ZKLFK� FHOHEUDWHV� VXUYLYDO�� � 7R� GDWH�� WKLVUHTXHVW�KDV�QRW�EHHQ�JUDQWHG�7KH�MRXUQH\�RXW�RI�WKH�QLJKW�FRQWLQXHV�EXW�IRU�VRPH��VWLOO�VORZO\�7KHUH�LV�DQJHU��UHPRUVH��ORVV�RI�SRZHU�DQG�FRQWURO��FRQIOLFW�RYHU�WRXULVWV���7KHUH�DUH�WKRVHRQ� ZRUN� FRYHU� DQG� WKRVH� ZLWKRXW�� WKRVH� ZKR� UHFHLYHG� $SSHDO� PRQLHV� DQG� WKRVH� ZKRPLVVHG�RXW�� 7KHUH� LV� WKH�QHHG�WR�FRQWLQXH�WKH�WRXULVW� LQGXVWU\�RQ�ZKLFK� WKH� OLYHOLKRRG�RIWKH�SHRSOH�RI�3RUW�$UWKXU�GHSHQGV�� �7KHUH�DUH� WKRVH�VWLOO�JULHYLQJ�DQG� WKRVH�DQJU\�DERXWWKH�QHZ����PLOOLRQ� WRXULVW�FHQWUH�ZKLFK� LV�EHLQJ�SURPRWHG�DV�D�FDWDO\VW� IRU�3RUW�$UWKXU¶VVSLULWXDO��QRW�WR�PHQWLRQ�ILQDQFLDO��UHELUWK���0HPRULDOV�DQG�SUHVHUYLQJ�WKH�SDVW�DUH�EDODQFHGDJDLQVW�JHWWLQJ�RQ�ZLWK� OLYLQJ� LQ��DQG� IRU�� WKH�IXWXUH�� �$�QHHG� WR�KDWH�DQG� WR�H[SUHVV� WKDWKDWUHG� DQG� DQJHU� VWLOO� H[LVWV�� � 7KHUH� UHPDLQV� WKH� TXHVWLRQ� RI� WKH� SODFH�� VLWH�� WLPH� DQGQXPEHU�RI�DQQLYHUVDULHV��ZKR�FRQGXFWV�WKHP��ZKR�WKH\�DUH�IRU��SDUWLFLSDWLRQ��SDUWLFLSDQWV�³3RVW�GLVDVWHU�ULWXDOV�DQG�V\PEROV�DUH�D�YDOLG�DQG�LPSRUWDQW�DUHD�RI�VWXG\�EHFDXVHWKH\� KDYH� VLJQLILFDQW� LPSOLFDWLRQV� IRU� GLVDVWHU� PDQDJHPHQW�� QRW� RQO\� LQ� WHUPV� RISUDFWLFDO�� ORJLVWLFDO� DUUDQJHPHQWV�� EXW� DOVR� LQ� WHUPV� RI� PDQDJLQJ� VHQVLWLYHO\� DQGDSSURSULDWHO\�WKH�UDQJH�RI�SV\FKRORJLFDO��VRFLDO�DQG�SROLWLFDO�LVVXHV�DVVRFLDWHG�ZLWKWKHVH�DVSHFWV�RI�WKH�LPPHGLDWH�SRVW�LPSDFW�DQG�ORQJHU�WHUP�UHKDELOLWDWLYH�VWDJHV�RIGLVDVWHU´ �$QQH�(\UH�7R�LJQRUH�WKLV�DGYLFH�LV�WR�DGG�WR�WKH�SDLQ�DQG�GHOD\�WKH�UHFRYHU\�5HY�6\G�6PDOH%LEOLRJUDSK\�%HUJHU�3 5HOLJLRXV�,QVWLWXWLRQV�LQ�6RFLHW\������%OXPHU�+HUEHUW 6RFLRORJLFDO�5HVHDFK�0HWKRGV�����(\UH�$QQH �,Q�5HPHPEUDQFH��3RVW�'LVDVWHU�5LWXDOV�DQG�6\PEROV���$-(0������+DUDODPERV�0� 6RFLRORJ\�7KHPHV�DQG�3HUVSHFWLYHV������0HDG�*�+�� 0LQG�6HOI�DQG�6RFLHW\�����

Page 164: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

3RVW�VFULSW�7KLV�\HDU�$XVWUDOLD�ZHOFRPHG�PDQ\�UHIXJHHV�IURP�.RVRYR�DQG�KRXVHG�WKHP�LQ�D�QXPEHURI� 6WDWHV�� � 7KRVH� KRXVHG� LQ� 7DVPDQLD� DSSURDFKHG� WKH� 7UDXPD� DQG� &RXQVHOLQJ� 8QLWUHTXHVWLQJ� VXSSRUW� DQG� DVVLVWDQFH� ZLWK� RUJDQL]LQJ� D� ³+RPDJH� IRU� WKH� .RVRYDUV�� DQGLQYLWLQJ�WKH�VWDII�RI�WKH�+DYHQ�&HQWUH�ZKHUH�WKH\�ZHUH�KRXVHG�WR�SDUWLFLSDWH�7KH�HYHQW�RFFXUUHG�DOPRVW�RQH�PRQWK�DIWHU� WKHLU�DUULYDO�� �$OO� WKH�UHVLGHQWV�ZHUH� WDNHQ� WR+REDUW��WKH�FDSLWDO�RI�7DVPDQLD��ZKHUH�WKH\�VLOHQWO\�SDUDGHG�GRZQ�RQH�RI�WKH�PDLQ�VWUHHWV�HDFK� FDUU\LQJ�D� OLJKWHG� FDQGOH�� � 7KH� JURXS� WKHQ� JDWKHUHG� DURXQG� DQ� $OEDQLDQ� IODJ� DQGPHPHQWRV�DQG�V\PEROV�RI�WKH�ZDU�DQG�WKHLU�GLVSODFHPHQW�ZHUH�SODFHG�RQ�LW���7KHUH�ZDV�DPRPHQW¶V�VLOHQFH��WKHQ�D�PHVVDJH�RI�WKDQNV�WR�WKH�$XVWUDOLDQ�SHRSOH�ZDV�UHDG�$�JURXS�RI�.RVRYDUV�WKHQ�WRRN�D�ERWWOH�FRQWDLQLQJ�D�PHVVDJH�RI�SHDFH�WR�WKH�ZDWHUV�HGJHDQG�ODXQFKHG�LW� LQWR�WKH�VHD���6RQJV�DQG�VSHHFKHV�FRPSOHWHG�WKLV�VLPSOH�EXW�PHDQLQJIXOFHUHPRQ\�7UXO\�JULHI�DQG�SDLQ�NQRZV�QR�ERXQGDULHV�

Page 165: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

)HVWLYDO�RI�-RXUQH\V���3RUW�$UWKXU7KLV�ZDV�D�ZKROH�RI�FRPPXQLW\�HYHQW�EDVHG� ODUJHO\�DW� WKH�VFKRRO� �.LQGHUJDUWHQ� WR�<HDU���� DQG� LQYROYLQJ� WKH� FRQVWUXFWLRQ� RI� ZRQGHUIXO� WUDQVOXFHQW� SDSHU� ODPSV�� ILJXUHV� DQG� DODUJH�ERDW���2Q�WKH�GD\�RI�WKH�HYHQW��D� µIDLU¶�ZDV�VHW�XS�DW� WKH�KLVWRULF�VLWH�ZLWK� IRRG�DQGEHYHUDJH� ERRWKV�� EUD]LHUV� PDGH� IURP� ��� JDOORQ� GUXPV�� ZKLFK� KDG� EHHQ� SROLVKHG� WR� DPHWDOOLF� JORZ�DQG� ZKLFK� KDG� KROHV� SDWWHUQHG� LQWR� WKHP� WR� DOORZ� WKH� ILUHOLJKW� WR� SURGXFHVWDUOLNH�SDWWHUQV�$W� GXVN� D� SDUDGH�RI� FKLOGUHQ� �DERXW� ���� FDUU\LQJ� WKHLU� OLW� ODQWHUQV� VQDNHG� GRZQ� WKH� KLOO�IROORZHG� E\� ODUJH� SDSHU� ILJXUHV� FDUULHG� E\� DGXOW� PHPEHUV� RI� WKH� FRPPXQLW\�� � 7KRVHSDUWLFLSDWLQJ� LQ� WKH�SURFHVVLRQ�PRYHG� LQWR� D� ODUJH� FLUFOH� VXUURXQGHG�E\� VHYHUDO� KXQGUHGPHPEHUV�RI� WKH�FRPPXQLW\�� �$IWHU�VHYHUDO� FLUFXLWV� WKH�SURFHVVLRQ�VWRSSHG�� ORZHUHG� WKHLUODPSV�DQG�WXUQHG�WR�WKH�FHQWUHSLHFH��WKH�ODUJH�SDSHU�ERDW�� � ,W�ZDV�QRZ�GDUN�DQG�D�KXJHILHU\�WRUFK�ZDV�DSSOLHG�WR�WKH�ERDW�DV�LW�ZDV�VHQW�RXW�RQ�WKH�ZDWHU�$W�WKLV�SRLQW� WKH�ZKROH�FURZG�ZDV�KXVKHG��KROGLQJ�KDQGV�DQG�IRFXVHG�RQ� WKLV�V\PERO�RIFDVWLQJ�RXW�RXU�GHYLOV���,W�ZDV�WUXO\�PHPRUDEOH�

6XVDQ�3DUU

Page 166: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

.LOOLQJ�7KH�)LUH�'UDJRQ�7KLV�FHUHPRQ\�ZDV�FRQGXFWHG�DORQJ�ZLWK�FOHUJ\�DQG�PHPEHUV�RI�WKH�ORFDO�FKXUFKHVLQ�0DFHGRQ��9,&��IROORZLQJ�WKH�$VK�:HGQHVGD\�EXVKILUHV�ZKLFK�UDYDJHG�WKLV�DUHD�RQ���)HEUXDU\�������� ,PPHGLDWHO\�DIWHU� WKH�GUDJRQ�ZDV�³NLOOHG´�� WKHUH�ZDV�DQ�RSHQ�DLUVHUYLFH�RI�WKDQNVJLYLQJ�ZLWK�D�KHDY\�HPSKDVLV�RQ�FRPPXQLW\�SDUWLFLSDWLRQ��

7KUHH� PRQWKV� SRVW�GLVDVWHU�� HPRWLRQDO� SUREOHPV� LQ� FKLOGUHQ� ZHUH� EHFRPLQJ� HYLGHQW�6RPH�ZHUH�QRW�VOHHSLQJ��DIUDLG�RI�ILUH��DQG�UHOXFWDQW�WR�EH�VHSDUDWHG�IURP�WKHLU�IDPLOLHV�$� &RPPXQLW\� 7KHDWUH� JURXS� IURP� WKH� &LW\� RI� 0HOERXUQH� DVNHG� WR� ZRUN� ZLWK� WKH� ILUHDIIHFWHG� SHRSOH�� IDPLOLHV� DQG� FKLOGUHQ�� � $IWHU� PXFK� SUHSDUDWLRQ� DQG� UHKHDUVDO�� DFRPPXQLW\�WKHDWUH�SURGXFWLRQ�FDOOHG�³.LOOLQJ�WKH�)LUH�'UDJRQ´�ZDV�SHUIRUPHG�LQ�WKH�RSHQDLU� WR� KXQGUHGV� RI� ORFDO� UHVLGHQWV�� DQG� ZLWK� WKH� SDUWLFLSDWLRQ� RI� PDQ\� FRPPXQLW\PHPEHUV�� � ³.LOOLQJ� WKH� )LUH� 'UDJRQ´� ZDV� D� FDWKDUWLF� H[SHULHQFH� DQG� ZDV� D� SUDFWLFDOH[SUHVVLRQ�RI�WKH�WHDUV�WKDW�ERWK�DGXOWV�DQG�FKLOGUHQ�KDG�DV�D�UHVXOW�RI�WKHLU�H[SHULHQFHV�0DQ\�WHDFKHUV�DQG�SDUHQWV�UHSRUWHG�WKDW�WKHUH�ZDV�VLJQLILFDQW�DOOD\LQJ�RI� WKH�FKLOGUHQ¶VDQ[LHWLHV�DQG�WKDW�WKH�H[SHULHQFH�KDG�D�FDOPLQJ�HIIHFW�6RPH�FRPPXQLW\� UHVLGHQWV� IRXQG� WKH\�ZHUH�DEOH� WR� SLFN� XS� WKHLU� FUHDWLYH� VNLOOV� DJDLQDQG� IHOW� D� UHWXUQ� WR� QRUPDOLW\�� � &RPPXQLW\� 'HYHORSPHQW� 2IILFHUV� DVVLVWHG� ZLWK� WKHSURGXFWLRQ�RI�³.LOOLQJ�WKH�)LUH�'UDJRQ´�²�D�UHZDUGLQJ�H[SHULHQFH�DQG�VRPH�OLJKW�UHOLHI�

Page 167: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

([RUFLVLQJ�7UDXPD1HDUO\����\HDUV�DJR��1RUHHQ�+HVWHU�RI�&REGHQ��9LFWRULD��PLVFDUULHG�WKH�LQIDQW�VKH�KDGFDUULHG�IRU�IRXU�PRQWKV��DQG�ZDV�VHQW�KRPH�IURP�KRVSLWDO�ZLWK�QRWKLQJ�EXW�WKH�SDLQ�(YHQ�QRZ��LW¶V�REYLRXV�WKH�PHPRULHV�VWLOO�XSVHW�KHU�DV�VKH�UHFDOOV�WKH�ZRUGV�RI�WKH�VLVWHUDV�VKH�OHIW���³&RPH�EDFN�LQ����PRQWKV�WLPH�DQG�KDYH�WZLQ�JLUOV´��ZHUH�WKH�ZHOO�PHDQLQJ�ZKLVSHUHG�ZRUGV��DQG�QRWKLQJ�PRUH�ZDV�VDLG�³7KLV�KDSSHQHG�WR�PH�LQ������DQG�VLQFH�WKHQ�,¶YH�QHYHU�EHHQ�DEOH�WR�OHW�JR�RI�WKH�JULHI�´VKH�VD\V�LQ�D�VRIW�YRLFH���³,Q�WKRVH�GD\V�\RX�GLGQ¶W�WDON�DERXW�LW�´³7KDW�SDLQ�RI�KDYLQJ�D�PLVFDUULDJH��,¶YH�QHYHU�IRUJRWWHQ�LW���+DYLQJ�FKLOGUHQ��RQFH�\RX¶YHJRW�WKDW�EDE\�LQ�\RXU�DUPV��WKH�SDLQ�RI�FKLOGELUWK�LV�JRQH���%XW�,�FDQ�VWLOO�IHHO�WKH�SDLQ�RIORVLQJ�WKDW�EDE\�´*LYHQ�KHU� ODFN�RI�RSSRUWXQLW\� WR�JULHYH�� LW¶V�QRW�VXUSULVLQJ� WR�KHDU�1RUHHQ�VSHDN�RI� WKHVDG�GUHDPV�WKDW�KDYH�SODJXHG�KHU�VLQFH�WKH�ORVV�³6LQFH�WKHQ�,�KDYH�DOZD\V�GUHDPW�DERXW�EDELHV���,Q�DOO�P\�GUHDPV�WKHUH�LV�DOZD\V�D�EDE\LQ�LW��� ,�GRQ¶W�DFWXDOO\�VHH�LW�� LW¶V�QRW�P\�VRQ�RU�P\�GDXJKWHU��\RX�GRQ¶W�VHH�WKH�IDFH��EXWLW¶V�DOZD\V�WKLV�EDE\�´%XW� ODVW� 6XQGD\�� 1RUHHQ� ILQDOO\� KDG� DQ� RSSRUWXQLW\� WR� FRQIURQW� KHU� ORVV� ZKHQ� VKHDWWHQGHG�D�VHUYLFH� WR�UHPHPEHU�EDELHV� ORVW� WKURXJK�PLVFDUULDJH��6XGGHQ�,QIDQW�'HDWK6\QGURPH��DERUWLRQ��DGRSWLRQ��VWLOOELUWK��QHR�QDWDO�GHDWK�RU�DQ\�RWKHU�FDXVH�³,�WKRXJKW��µWKLV�LV�WKH�ZD\�,¶P�JRLQJ�WR�VD\�JRRGE\H�WR�WKLV�OLWWOH�EDE\¶���EHFDXVH�LW�ZDV�DEDE\� �� DW� IRXU�PRQWKV� LW� ZDV� D� EDE\� �� DQG� ,� ZDONHG� LQ� TXLWH� VSULJKWO\� DQG� VDW� GRZQ�´1RUHHQ�VDLG�:KDW�VKH�GLVFRYHUHG�ZDV�DQ�HQRUPRXV�VHQVH�RI�UHOLHI���³'XULQJ�WKH�VHUYLFH�WKH\�KDG�WKHOLJKWLQJ�RI�WKH�FDQGOH�IRU�XV�WR�OHW�JR���:KHQ�ZH�FDPH�EDFN�DQG�VDW�GRZQ��,�MXVW�VREEHGOLNH�D�FKLOG�³,�GLG�FU\�ZKHQ� ,� FDPH�KRPH� IURP�KRVSLWDO� ����EXW� WKHQ�RQ�6XQGD\� ,� MXVW� VREEHG� OLNH� ,QHYHU�VREEHG�EHIRUH�DQG�WKH�ODG\�EHKLQG�PH�MXVW�UXEEHG�P\�EDFN���,I�\RX�FU\�VRPHWLPHV\RX�IHHO�XQFRPIRUWDEOH��EXW�,�GLGQ¶W�IHHO�XQFRPIRUWDEOH�FU\LQJ�WKHUH���,�MXVW�OHW�JR�DQG ZHDOO�MXVW�VHHPHG�µRQH¶���<RX�FRXOGQ¶W�UHDOO\�OHW�JR�RI�WKH�ZKROH�WKLQJ��EXW�\RX�ZHUH�DEOH�WROHW�JR�RI�VRPH�RI�WKH�KXUW�WKDW�\RX¶G�KDG�´:KHQ�UHPHPEHULQJ�WKH�ORVV�RI�DQ�LQIDQW��WHDUV�DUH�QHYHU�IDU�DZD\��ZKHWKHU�WKH�ORVV�LV�DIHZ�PRQWKV�ROG�RU�GHFDGHV�ROG�$ERXW� ��� SHRSOH� DWWHQGHG� WKH� QRQ�GHQRPLQDWLRQDO� &KULVWLDQ�EDVHG� VHUYLFH� DW0DFTXHHQ¶V� )XQHUDOV� LQ� &DPSHUGRZQ� �9LFWRULD�� DQG� RUJDQLVHG� E\� 0DFTXHHQ¶V� DQG.D\H�0LWFKHOO��D�/D\�3UHDFKHU�LQ�WKH�8QLWLQJ�&KXUFK�

Page 168: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

³<HDUV�DJR��ZKHQ�ZRPHQ�JDYH�ELUWK�WR�VWLOOERUQ�EDELHV��EDELHV�ZHUH�VLPSO\�WDNHQ�DZD\�,W¶V�QRZ�WKDW�WKH\¶UH�VWDUWLQJ�WR�DVN�µZKDW�GLG�KDSSHQ�WR�P\�FKLOG"¶�DQG�µZKHUH�GLG�LW�JR"¶�´VD\V�.D\H�,W� ZDV� IRU� ZRPHQ� LQ� WKLV� FLUFXPVWDQFH� �� DV� ZHOO� DV� IRU� WKRVH� ZKR� ORVW� FKLOGUHQ� PRUHUHFHQWO\���WKDW�VKH�GHFLGHG�WR�KROG�WKH�VHUYLFH�.D\H�VD\V�VKH�KRSHV�WKH�LGHD�ZLOO�EH�SLFNHG�XS�E\�FKXUFKHV�LQ�WKH�UHJLRQ�EXW�VKH�ZRXOGEH�ZLOOLQJ�WR�KROG�DQRWKHU�VHUYLFH�LI�WKHUH�ZDV�VXIILFLHQW�GHPDQG�:KLOVW�WKHUH�FDQ�EH�QR�GRXEW�VXSSRUW�QHWZRUNV�DQG�WKH�WUHDWPHQW�RI� LQIDQW�GHDWKV�KDVLPSURYHG�VLQFH�WKH���¶V��WKHUH�LV�VWLOO�D�FXOWXUH�RI�IRUJHWWLQJ���.D\H�VD\V��³7KHUH�DUH�VRPHWKLQJV�\RX� MXVW�GRQ¶W� WDON�DERXW��\RX� µJHW�RQ�ZLWK� OLIH¶�´�VKH�VD\V�� � 7KH\� �SHRSOH�� IRUJHWWKDW�WKHUH�DUH�SHRSOH�WKDW�DUH�KXUW�E\�LW�´)RU� $OLVRQ�9DJJ� RI� &DPSHUGRZQ� WKH� DWWLWXGH� RI� IRUJHWWLQJ� KDV� EHHQ� RQH� RI� WKH�PRVWGLIILFXOW�WKLQJV�WR�GHDO�ZLWK�VLQFH�KHU����PRQWK�ROG�JUDQG�GDXJKWHU�GLHG�RI�FRW�GHDWK�³0\�OLWWOH�JUDQG�GDXJKWHU�GLHG�QLQH�PRQWKV�DJR�DQG�,�KDGQ¶W�EHHQ�DEOH�WR�����, MXVW�IHOW�DVWKRXJK�,�ZDVQ¶W�EHLQJ�DEOH�WR�UHPHPEHU�KHU�´�VKH�VD\V�$V� HDFK�SHUVRQ�DUULYHG� RQ� 6XQGD\�� KH� RU� VKH� KDG� WKH� RSSRUWXQLW\� WR� ZULWH� GRZQ� WKHQDPH�RI�WKH�LQIDQW�ORVW�DQG�WKHVH�QDPHV�ZHUH�ODWHU�UHDG�RXW�DV�SDUW�RI�WKH�VHUYLFH���³7KDWZDV�RQH�SDUW�RI�WKH�VHUYLFH�WKDW�UHDOO\�DSSOLHG�´�VD\V�$OLVRQ�³-XVW�KHDULQJ�KLV�QDPH�PHQWLRQHG��WR�KHDU�VRPHERG\�HOVH�PHQWLRQ�KHU�QDPH�� LW�PDGHPH�IHHO�JRRG��D�VHQVH�RI�UHOLHI�DQG�D�VHQVH�RI�FRPIRUW�´/RVLQJ�KHU�JUDQGFKLOG�ZDV�OLNH�D�GRXEOH�EORZ��H[SODLQV�$OLVRQ��ILJKWLQJ�EDFN�WHDUV���³$V�DJUDQGSDUHQW��\RX�FRS�WZR�ORWV�EHFDXVH�\RX�VHH�\RXU�RZQ�GDXJKWHU���\RX�FDQ¶W�KHOS�KHU��DQG�\RX�DOVR�KDYH�ORVW�D�JUDQGFKLOG�´2QH�RI�WKH�KDUGHVW�WKLQJV�IRU�$OLVRQ�ZDV�GHDOLQJ�ZLWK�SHRSOH¶V�WHQGHQF\�WR�SUHWHQG�KHUJUDQGGDXJKWHU��6KD\QD�:LJKW��QHYHU�H[LVWHG�� � ³7KH�WKLQJ� WKDW� ,�KDWH�PRVW�RI�DOO� LV� WKDWSHRSOH� ZLOO� QRW� PHQWLRQ� KHU�� � ,� VRUW� RI� IHHO� DV� WKRXJK� ,� KDG� QRW� KDG� D� JUDQGFKLOG�� � ,WKRXJKW��\RX¶UH�FRQYLQFLQJ�\RXUVHOI�WKDW�\RX�GLG�KDYH�D�JUDQGFKLOG�EXW�\RX�GLGQ¶W�UHDOO\�7KHQ�,�WKRXJKW��WKDW¶V�VWXSLG��,�XVHG�WR�JR�DQG�EDE\VLW�KHU�VR�,�GLG�KDYH�D�JUDQGFKLOG�DQG,¶YH�JRW�DOO�WKRVH�SKRWRV�WR�SURYH�,�KDG�D�JUDQGFKLOG�´)URP� WKH� SKRWRV� LQ� $OLVRQ¶V� ORXQJH� URRP�� LW� LV� FOHDU�PHPRULHV� RI� KHU�JUDQGGDXJKWHU�6KD\QD�� DUH� VWLOO� SDUW� RI� KHU� OLIH�� � $� SLFWXUH� RI�6KD\QD� DQG� KHU�PRWKHU� EHDPLQJ� DPLG&KULVWPDV� GHFRUDWLRQV� VWDQGV� RXW� IURP� WKH� UHVW�� � $OLVRQ� UHIHUV� WR� LW� DV� KHU� ³DQWL�GHSUHVVDQW�SLFWXUH´�³6KH�DOZD\V�PDNH�PH�VPLOH�ZKHQ� ,� ORRN�DW� LW�� � ,� IHHO� OLNH� VKH¶V� JRW� D� OLWWOH� VHFUHW� WKDWVKH¶V�ODXJKLQJ�DW�´�$OLVRQ�H[SODLQV�+HOHQ�'LFNVRQ�RI�&DPSHUGRZQ�KDV�QHYHU� OHW�DQ\WKLQJ�VWRS�KHU� IURP� WDONLQJ�DERXW�KHUVRQ��$VKOH\��ZKR�GLHG�IURP�FRW�GHDWK�RQO\����ZHHNV�DIWHU�KH�ZDV�ERUQ���³0\�VRQ�ZDV�DFRW�GHDWK����\HDUV�DJR�\HW� ,�ZDV� ILQH�WR�WDON�DERXW�LW��� ,�ZDV�DOORZHG� WR�� �(YHQ�P\�WZRGDXJKWHUV��ZKR¶YH�FRPH�DIWHU��WDON�DERXW�WKHLU�EURWKHU�DV�LI�WKH\¶G�DFWXDOO\�PHW�KLP�´

Page 169: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

³,� OLNH� WR� NQRZ� WKDW� KH�H[LVWHG� IRU� ��� ZHHNV�� DQG� SULRU� WR� WKDW�� ,� FDUULHG� KLP� WKH� QLQHPRQWKV�VR�KH�ZDV�SDUW�RI�P\� OLIH�DQG�,�ZDQW�KLP�UHPHPEHUHG���+H�ZDV� WKH�RQO\�VRQ� ,KDG�´%XW� +HOHQ� DFNQRZOHGJHV� WKH� FXOWXUH� RI� IRUJHWWLQJ� DQG� PRYLQJ� RQ� LV� VWLOO� VXUSULVLQJO\SURPLQHQW� LQ� WKH�FRPPXQLW\�� � ³,� WKLQN�SHRSOH� MXVW�FDQ¶W� FRSH�ZLWK�RWKHU�SHRSOH¶V�JULHI´�VKH�VD\V���$QG�LW�ZDVQ¶W�MXVW�WKH�LPSOLFDWLRQV�WKDW�LW�VKRXOG�EH�IRUJRWWHQ�EXW�WKH�UXPRXUVDQG� JRVVLS� WKDW� IROORZHG� DQ� LQIDQW¶V� GHDWK� WKDW� KXUW�� � 6KH� VD\V�� ³2QH� WKLQJ� \RX� JHWDJDLQVW� \RX� LV� WKH� LQQXHQGR�� KRZ� µ\RX� NLOOHG� \RXU� EDE\¶�� � /LNH� µ,� NLOOHG� P\� VRQ�� � ,VPRWKHUHG�KLP�ZLWK�WKH�VKHHSVNLQ�KH�ZDV�RQ���,�VKRXOGQ¶W�KDYH�KDG�KLP�RQ�WKDW���$QG�,RYHUGRVHG�KLP�RQ�WKH�DQWLELRWLFV�KH�ZDV�RQ�WKH�ZHHN�EHIRUH�KH�GLHG¶��\RX�NQRZ�´)URP�WKH�GU\�VRXQG�LQ�KHU�YRLFH��LW¶V�FOHDU�+HOHQ�KDV�GHDOW�ZLWK�DQG�EXLOW�XS�DQ LPPXQLW\WR�WKLV�NLQG�RI�JRVVLS���³7KDW¶V�ZKDW�\RX¶YH�JRW�WR�SXW�XS�ZLWK�´�VKH�DGGV�)RU�+HOHQ��6XQGD\¶V�VHUYLFH�ZDV�DQ�RSSRUWXQLW\�WR�UHPHPEHU�KHU�VRQ���$ERXW����PRQWKVDJR�VKH�ORVW�KHU�HOGHVW�GDXJKWHU�LQ�D�FDU�DFFLGHQW���6LQFH� WKHQ�VKH�IHOW� OLNH�VKH�KDGQ¶WWDNHQ�WKH�WLPH�WR�UHPHPEHU�$VKOH\���%XW�WKH�VHUYLFH�ZDV�DOVR�DQ�RSSRUWXQLW\�WR�UHNLQGOHD�VXSSRUWLYH�UROH�6KRUWO\�DIWHU�ORVLQJ�KHU�VRQ��+HOHQ�WRRN�SDUW�LQ�D�VL[�ZHHN�JULHI�FRXQVHOOLQJ�FRXUVH���$VZHOO� DV� WHDFKLQJ� KHU� ZD\V� WR� FRSH� ZLWK� KHU� RZQ� JULHI�� LW� WDXJKW� KHU� QRW� WR� PDNHDVVXPSWLRQV�DERXW�RWKHU�SHRSOH¶V�VXIIHULQJ�³$�ORW�RI�WKH�FOLFKHV�DUH�XVHG��OLNH�SHRSOH�VD\LQJ��µ2K��,�NQRZ�KRZ�\RX�IHHO�ZKHQ�VR�DQGVR�GLHG¶�±�WKLV�LV�VRPHWKLQJ�,¶YH�DOZD\V�QRZ�EHHQ�DZDUH�RI��QHYHU�WR�VD\�WKDW��EHFDXVH�,GRQ¶W�NQRZ�KRZ�WKH\�IHHO��HDFK�GHDWK�LV�GLIIHUHQW�´�VKH�VD\V�³0\�PRWKHU�GLHG��EXW�P\�EDE\�GLHG��DQG�LW¶V�QRW�WKH�VDPH���(DFK�GHDWK�LV�GLIIHUHQW�´,W�GLGQ¶W�WDNH�ORQJ�IRU�+HOHQ�WR�WXUQ�KHU�JULHI� LQ�D�SRVLWLYH�GLUHFWLRQ��VWDUWLQJ�XS�D�VXSSRUWVHUYLFH�ZLWK�IULHQGV��IRU�ZRPHQ�ZKR�PD\�KDYH�KDG�VLPLODU�H[SHULHQFHV���:KLOH�WKH�JURXSKDV�VLQFH�IDGHG�LQWR�WKH�EDFNJURXQG��+HOHQ�VD\V�VKH�LV�RFFDVLRQDOO\�FDOOHG�RQ�DQG�LV�VWLOOZLOOLQJ�WR�JLYH�VXSSRUW�*LYLQJ�WKLV�VXSSRUW�WR�RWKHUV�KDV�LQ�VRPH�ZD\�KHOSHG�KHU�FRPH�WR� WHUPV�ZLWK�KHU�RZQVXIIHULQJ��VKH�VD\V�$OLVRQ�WRR��KDV�WXUQHG�KHU�JULHI�LQ�D�SRVLWLYH�GLUHFWLRQ���)RU�WKH�SDVW�PRQWK�VKH�KDV�EHHQPDNLQJ�GROOV�IRU�VLEOLQJV�RI� LQIDQWV�ZKR�GLH� IURP�6XGGHQ�,QIDQW�'HDWK�6\QGURPH�� �7KHFDOLFR�GROOV�DUH�OHIW�SODLQ�H[FHSW�IRU�D�ULEERQ�WLHG�LQ�D�ERZ�DURXQG�WKH�QHFN��VR�HDFK�FKLOGFDQ�GHFRUDWH�KHU�RZQ�GROO��$OLVRQ�H[SODLQV�� ³,¶P�GRLQJ�VRPHWKLQJ�FRQVWUXFWLYH�DQG� ,¶PKHOSLQJ�VRPH�RWKHU�OLWWOH�FKLOG���DQG�DOVR�,¶P�GRLQJ�LW�IRU�6KD\QH�EHFDXVH�VKH�ZRXOG�KDYHORYHG�WKHP�´$V�IRU�1RUHHQ��KDYLQJ�KDG�D�FKDQFH�WR�VD\�JRRGE\H��ZKLFK�SHUKDSV�FRXOG�KDYH�PDGH�DGLIIHUHQFH� ��� \HDUV� DJR�� VKH� QRZ� ZDQWV� WR� PDNH� VXUH� RWKHU� SHRSOH� ZLWK� VLPLODUH[SHULHQFHV�DUH�JLYHQ�WKH�VDPH�RSSRUWXQLW\�³-XVW�WR�OHW�SHRSOH�NQRZ��WKH�VHUYLFH��ZDV�RQ�DQG�KRSHIXOO\�� LI�WKHUH�LV�HQRXJK�LQWHUHVW�DQRWKHU�ZLOO�EH�KHOG�WR�KHOS�RWKHU�SHRSOH�´

Page 170: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

7KLV� DUWLFOH� LV� VOLJKWO\� HGLWHG� IURP� RQH� WKDW� DSSHDUHG� LQ� WKH� ³7KH� 6WDQGDUG´�� GDLO\QHZVSDSHU�LQ�:DUUQDPERRO��9LF����RQ�6DWXUGD\�$SULO��UG�������3��I��� ,W�ZDV�ZULWWHQ�E\VWDII�UHSRUWHU�.DWLH�+\GHU���,W�LV�SULQWHG�KHUH�ZLWK�SHUPLVVLRQ�

Page 171: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

6XQGD\�:RUVKLS��DIWHU�WKH�)XUQDFH�,Q�-DQXDU\�������VHYHUDO� ILUHV�EHOLHYHG� WR�EH�GHOLEHUDWHO\� OLW�� EXUQW� WKURXJK� WKH'DQGHQRQJ� 5HJLRQ� LQ� 9LFWRULD�� � ³,Q� DGGLWLRQ� WR� WKUHH� GHDWKV�� ��� KRPHV� ZHUHGHVWUR\HG�DQG����RWKHU�EXLOGLQJV�GHVWUR\HG��RYHU�������SHRSOH�ZHUH�HYDFXDWHGIURP�WKH�ILUHV�´�

7KH�6XQGD\�ZRUVKLS�IRU���WK�-DQXDU\�DW�6KHUEURRNH�8QLWLQJ�&KXUFK�KDG�EHHQ�SODQQHG�,W�ZDV�WR�EH�D�FRYHQDQW�VHUYLFH���%XW�D�EXVKILUH�FKDQJHG�DOO�WKDW�7KH�5HY�'DYLG�.LP�ZDV�LQ�KLV�VHFRQG�\HDU�RI�PLQLVWU\�DW�WKH�FKXUFK�LQ�WKH�'DQGHQRQJV�$IWHU�D�ZKLII�RI�VPRNH�DQG�D�EOD]LQJ�ZLOGILUH��KH�VXGGHQO\�EHFDPH�SDVWRU�WR�D�FRPPXQLW\LQ�GLVDVWHU���+LV�ZHOO�SODQQHG�6XQGD\�VHUYLFH�KDG�WR�FKDQJH��TXLFNO\�³:H� FRXOGQ¶W� JR� DKHDG� SUHWHQGLQJ� QRWKLQJ� KDG� KDSSHQHG�� ZKHQ� VR� PXFK� KDGKDSSHQHG�´�KH�VDLG�6R� WKH� VHUYLFH�� WKH� ILUVW� DIWHU� WKH� ILUHV�� EHFDPH� D� FRQJUHJDWLRQDO� VKDULQJ� WLPH�� � 1RVHUPRQ�DQG�QR�VROHPQ� OLWXUJ\��EXW� WKHUH�ZHUH�QHZ�V\PEROV�DQG�SOHQW\�RI� ³VRXO�GHHS´SUD\HUV�³(DFK�SHUVRQ�SUHVHQW�ZDV�LQYLWHG�WR�VKDUH�WKHLU�VWRU\��WR�µXQORDG¶�WKHLU�H[SHULHQFH�RI�WKHILUHV�´�VDLG�0U��.LP���³7KH\�VSRNH�RI�WKHLU�VXUYLYDO��ZKDW�ILUH�DODUPV�PHDQ��KRZ�WKH\�ZHUHVHSDUDWHG�IURP�WKHLU�IDPLOLHV�´7KH� 5HY� 6\OYLD� :LGGLFRPEH�� D� UHWLUHG� PLQLVWHU� ZKR� OLYHV� LQ� WKH� SDULVK�� VKDUHG� WKHOHDGLQJ�RI�WKH�VHUYLFH�GXULQJ�WKH�GLVFXVVLRQ�0U��.LP�VDLG�WZR�V\PEROV�ZHUH�SDVVHG�DURXQG��D�EXUQW��VFDUUHG�FRLQ��VDOYDJHG�IURP�WKHILUHV�� DQG� D� QHZVSDSHU� LQGLFDWLQJ� WKH� FRPPXQLW\¶V� SDLQ� DQG� KRZ� LWV� PHPEHUV� KDGVXIIHUHG�³7KLV� LV�D�FRPPXQLW\� LVVXH��DQG� ,�GRQ¶W� NQRZ�KRZ� ,� FDQ�KHOS�D�ZKROH�FRPPXQLW\´��KHVDLG���³<HW�LQ�RQH�VPDOO�ZD\�RXU�FKXUFK�EHFDPH�YHU\�JRRG�DW�KHDOLQJ´�5HY�.LP�&DLQ7KLV� DUWLFOH� DSSHDUHG� LQ� µ&URVVOLJKW¶�� WKH� 6\QRG� QHZVSDSHU� RI� WKH� 8QLWLQJ� &KXUFK� LQ$XVWUDOLD�LQ�9LFWRULD��1R������0DUFK��������S����DQG�LV�XVHG�ZLWK�SHUPLVVLRQ�

Page 172: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

6RPH�5HVRXUFHV$LQVZRUWK�6PLWK��,DQ��6SHFN��3HWHU��/HWWLQJ�*R��&DULQJ�IRU�WKH�'\LQJ�DQG�%HUHDYHG�63&.��/RQGRQ������$QGHUVRQ��+HUEHUW��)ROH\��(GZDUG��0LJKW\�6WRULHV��'DQJHURXV�5LWXDOV�-RVVH\�%DVV�3XEOLVKHUV��6DQ�)UDQFLVFR������&DUU��:HVOH\��%ULHI�(QFRXQWHUV��3DVWRUDO�0LQLVWU\�WKURXJK�WKH�2FFDVLRQDO�2IILFHV�63&.��/RQGRQ������)DOOD��7HUU\��&���%H�2XU�)UHHGRP��/RUG�5HYLVHG��2SHQERRN�3XEOLFDWLRQV��$GHODLGH������*DOORZD\��.DWK\��HG����7KH�,RQD�&RPPXQLW\��7KH�3DWWHUQV�RI�RXU�'D\V�:LOORZ�&RQQHFWLRQ��%URRNYDOH��16:������*UHHQ��5RELQ��2QO\ &RQQHFW��ZRUVKLS�DQG�OLWXUJ\�IURP�WKH�SHUVSHFWLYH�RI�SDVWRUDO�FDUH�'DUWRQ��/RQJPDQ�DQG�7RGG��/RQGRQ������-RKQVWRQ��-DQ��:KHQ�2XU�:KROH�:RUOG�&KDQJHV�,QWHUQDWLRQDO %LEOH 6RFLHW\��&RORUDGR�6SULQJV��&RORUDGR������/LHEHOW��3KLOLS��1LFKROOV��1RHO���HG���*HQWOH�5DLQ�RQ�3DUFKHG�(DUWK�-%&(��0HOERXUQH������/LWXUJLFDO�&RPPLVVLRQ�RI�WKH�$QJOLFDQ�&KXUFK��)XQHUDO�6HUYLFHV�DQG�5HVRXUFHV�%URXJKWRQ�%RRNV�E\�(�-��'Z\HU��$XVWUDOLD��3W\�/WG������0F&DUWK\��)LRU��)XQHUDO�/LWXUJLHV�'RPLQFDQ�3XEOLFDWLRQV��'XEOLQ������0F5DH�0F0DKRQ��'RURWK\��(FKRHV�RI�RXU�-RXUQH\�-%&(��0HOERXUQH������0F5DH�0F0DKRQ��'RURWK\��7KH�*ORU\�RI�%ORRG��6ZHDW�DQG�7HDUV�-%&(��0HOERXUQH������0XUUD\��-XGLWK�DQG�0LFKDHO��:KHQ�WKH�'UHDP�LV�6KDWWHUHG�/XWKHUDQ�3XEOLVKLQJ�+RXVH��$GHODLGH�������1LFRO��0DUJDUHW��/RVV�RI�D�%DE\�%DQWDP�%RRNV������5DPVKDZ��(ODLQH��5LWXDO�DQG�3DVWRUDO�&DUH�)RUWUHVV�3UHVV��3KLODGHOSKLD������:DOWHUV��&HOHVWH��:KDW�VKDOO�,�VD\��KRZ�WR�ZULWH�HXORJLHV�-%&(��0HOERXUQH������:HVWEXUJ��*UDQJHU�(���*RRG�*ULHI�-%&(��0HOERXUQH���������VW��3XE�������

Page 173: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

��&23<5,*+7�127,&(�7KH�(GLWRU� DQG� WKH�8QLWLQJ�&KXUFK� LQ�$XVWUDOLD�1DWLRQDO�'LVDVWHU� 5HFRYHU\�&RQVXOWDWLYH*URXS�ZLVK�WR�WKDQN�DOO�RI�WKRVH�ZKR�KDYH�JLYHQ�SHUPLVVLRQ�WR�UHSURGXFH�WKHLU�ZRUN�LQ�WKLVERRN�� �(YHU\�HIIRUW�KDV�EHHQ�PDGH� WR� WUDFH�FRS\ULJKW�KROGHUV�� �+RZHYHU�EHFDXVH�RI� WKHQDWXUH�RI�WKLV�ZRUN�DQG�WKH�PDQ\�SHRSOH�ZKR�KDYH�PRGLILHG�H[LVWLQJ�ZRUNV�LW�KDV�QRW�EHHQSRVVLEOH� LQ� DOO� FDVHV� WR� WUDFH� WKH� RULJLQDO� FRS\ULJKW� KROGHUV�� � :H� DSRORJLVH� IRU� DQ\RPLVVLRQV�RI�DFNQRZOHGJPHQW���7KHVH�ZLOO�EH�FRUUHFWHG�DV�VRRQ�DV�ZH�DUH�DEOH�WR�GR�VR�,I� \RX� UHFRJQLVH� \RXU� RULJLQDO� ZRUN� KHUH� DQG� LW� LV� QRW� DFNQRZOHGJHG� SOHDVH� FRQWDFW� WKH8QLWLQJ�&KXUFK�1DWLRQDO�$VVHPEO\�2IILFH� �DVV\VHF#QDW�XFD�RUJ�DX��ZKR�ZLOO� DUUDQJH� IRUDQ�DSSURSULDWH�DFNQRZOHGJPHQW�WR�EH�LQFOXGHG�

Page 174: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

&23<5,*+7�/,67/,785*,(6%XV�&UDVK�DW�0DU\ERURXJK��4XHHQVODQG &RS\ULJKW�0DU\ERURXJK�0LQLVWHUV�)HOORZVKLS������������7KH�3RUW�$UWKXU�7UDJHG\6HUYLFH�RI�5HVWRUDWLRQ 5HY�5H[�+XQW��&KDSODLQ��5R\DO�+REDUW�+RVSLWDO�,Q�7KH�$IWHUPDWK�RI�3RUW�$UWKXU 5HY�5H[�+XQW��0LQLVWHU��6FRWV�8QLWLQJ�&KXUFK��+REDUW�$QQLYHUVDU\�RI�WKH�7UDJHG\�DW�3RUW�$UWKXU &RQWDLQV�D�SUD\HU�XVHG�DW�'XQEODQH��6FRWODQG�+RGGOH�6WUHHW�0DVVDFUH 3XW�WRJHWKHU�E\�D�JURXS�RI�ORFDO�PLQLVWHUV�6WUDWKILHOG�6KRSSLQJ�&HQWUH�0DVVDFUH +RGGOH�6WUHHW�6HUYLFH�ZDV�DPHQGHG�IRU�XVH�KHUH�E\�WKH6WUDWKILHOG�+RPHEXVK�0LQLVWHUV�$VVRFLDWLRQ�OHG�E\�5HY�0LFKDHO�%DUQHV��8&$��DQG�)U�3DXO�5\DQ��WKH�ORFDO�&DWKROLF3ULHVW�1HZFDVWOH�(DUWKTXDNH (FXPHQLFDO�6HUYLFH�DW�&KULVW�&KXUFK�$QJOLFDQ�&DWKHGUDO�/LWXUJLVW�ZDV�'HDQ�RI�WKH�&DWKHGUDO��WKH�YHU\�5HY�*UDHPH/DZUHQFH�7KH�%ODFNKDZN�$FFLGHQW 6HUYLFH�SXW�WRJHWKHU�E\�&KDSODLQ�)DWKHU�-LP�&RVJURYH�RIWKH�5RFKHGDOH�&DWKROLF�&KXUFK��%ULVEDQH�.HZ�&RWWDJH�)LUHV +HOG�DW�$QJOLFDQ�&DWKHGUDO�RI�6W�3DXO��0HOERXUQH�7KUHGER�6OLS�'LVDVWHU3UD\HU�6HUYLFH�IRU�(FXPHQLFDO�*DWKHULQJ 2UJDQLVHG��E\�WKH�8QLWLQJ�&KXUFK�LQ�$XVWUDOLD�DQG�5RPDQ&DWKROLF�PLQLVWHUV����6RXUFHV�RI�VRPH�PDWHULDOV�ZHUH�QRWUHFRUGHG�DQG�UHPDLQ�XQNQRZQ��0HPRULDO�6HUYLFH DV�DERYH%XVKILUHV$VK�:HGQHVGD\�&RPPHPRUDWLYH�6HUYLFH 5HY�&KULV�+RZDUG��7HUDQJ�8QLWLQJ�&KXUFK2WKHU�%XVKILUH�5HVRXUFHV 5HY�3DP�:\OH\�� WKHQ�D� ORFDO�FRXQFLOORU� LQ� WKH�&RFNDWRRDUHD��QRZ�8QLWLQJ�&KXUFK�0LQLVWHU�DW�%ULJKW��9,&�/LWXUJ\�IRU�D�&RPPXQLW\�LQ�6KRFN 5HY�&ROOHHQ�2¶5HLOO\��������SDUW�RI�D�GLVVHUWDWLRQ�WRZDUGVRU�*ULHI�$IWHU�9LROHQFH�RU�$FFLGHQW GHJUHH�RI�'RFWRU�RI�0LQLVWU\� �6DQ�)UDQFLVFR�7KHRORJLFDO6HPLQDU\��

Page 175: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

:256+,3�5(6285&(6)25�86(�,1�5(63216(�72�3(5621$/�75$*(',(67KH�9DOXH�RI�/LIH +RVWHG�E\�6W�*HRUJH�8QLWLQJ�&KXUFK��(DVW�6W�.LOGD��9,&�1RWHV��5HVRXUFHV�IRU�XVH�LQ�UHVSRQVH�WR 3KLOLS�&KULVWLDQ�LV�DQ�RUGDLQHG�%DSWLVW�PLQLVWHU�ZKR�ZRUNV6XLFLGHV DV�D�&HOHEUDQW�DQG�LQ�)DPLO\�6XSSRUW�LQ�*HHORQJ��9,&�0UV�.D\H�0LWFKHOO��8QLWLQJ�&KXUFK�/D\�3UHDFKHU�OLYLQJ�LQ&DPSHUGRZQ�9,&��+HU�VSHFLDOLVW�PLQLVWU\�LV�LQ�FRQGXFWLQJIXQHUDOV��RIWHQ�IRU�WKRVH�QRW�GHVLULQJ�D�FKXUFK�VHUYLFH([WUDFWV�IURP�)XQHUDO�6HUYLFHV�IRU�WKRVH�ZKR 3KLOLS�&KULVWLDQ��%DSWLVW�PLQLVWHU��ZRUNLQJ�DV�D�&HOHEUDQW�LQKDYH�6XLFLGHG 2FHDQ�*URYH�DQG�*HHORQJ�DUHDV��9,&�6HUYLFH�RI�5HPHPEUDQFH�DQG�+HDOLQJ -HQQ\�6WHSKHQV��/D\�$VVLVWDQW�DW�8QLWLQJ�&KXUFK�LQ'HUULQDOOXP��9,&��7H[W�LV�D�FRPELQDWLRQ�RI�WZR�DQQXDO5HPHPEUDQFH�6HUYLFHV�KHOG�EHIRUH�&KULVWPDV�LQ������DQG������6KH�KDV�XVHG�VRPH�PDWHULDO�IURP�DQ�$OIUHG�+RVSLWDO�0HOERXUQH��6HUYLFH�DQG�D�SXEOLFDWLRQ�E\�WKH&RPSDVVLRQDWH�6LVWHUV�3UD\HU�LQ�WKH�DERYH�VHUYLFH�E\� ,DQ�0LOOHQG��&KDSODLQ��$OIUHG�+RVSLWDO���0HOERXUQH��9,&�/LWXUJLHV�IRU�/DWH�0LVFDUULDJH��6WLOOELUWK�RU 5HY�'U�&ROOHHQ�2¶5HLOO\��������SDUW�RI�D�GLVVHUWDWLRQ1HRQDWDO�'HDWK WRZDUGV� GHJUHH� RI� 'RFWRU� RI� 0LQLVWU\� �6DQ� )UDQFLVFR7KHRORJLFDO�6HPLQDU\��6HUYLFH�WR�IROORZ�WKH�%LUWK�RI�D�6WLOOERUQ�&KLOG 3UHSDUHG�E\�WKH�8QLWLQJ�&KXUFK�LQ�$XVWUDOLD�1DWLRQDORU�WKH�'HDWK�RI�D�1HZO\�%RUQ�&KLOG &RPPLVVLRQ�RQ�/LWXUJ\��������ZKLFK�KROGV�WKH�FRS\ULJKW�RQLW���,W�LV�UHSURGXFHG�ZLWK�SHUPLVVLRQ�IURP�WKH�&RPPLVVLRQ��)RU�WKH�\RXQJ«��$�0HPRULDO�6HUYLFH 0UV�.D\H�0LWFKHOO��8QLWLQJ�&KXUFK�/D\�3UHDFKHU�OLYLQJ�LQ&DPSHUGRZQ�9,&�

27+(5�:256+,3�5(6285&(65HY�.D\H�5RQDOGV��SDULVK�RI�&DSULFRUQ�&RDVW��4/'��8QLWLQJ&KXUFK�LQ�$XVWUDOLD�5HY�5RE�*RWFK��8QLWLQJ�&KXUFK�PLQLVWHU�DW�&DPSHUGRZQ�9,&�DQG�ODWHU�DW�$VFRW�9DOH��9,&�5HY�-HII�6KURZGHU��0HUEHLQ�8QLWLQJ�&KXUFK��9,&�0UV�.D\H�0LWFKHOO��8QLWLQJ�&KXUFK�/D\�3UHDFKHU�DW&DPSHUGRZQ�9,&�³,GHDV�)RU�:RUVKLS´-%&(��0HOERXUQH�������DQG�ZHUH�XVHGLQ�³1HZ�/LIH�IURP�'URXJKW´��3KLOLS�/LHEHOW��1RHO�1LFKROOV�HG���³*HQWOH�5DLQ�RQ�3DUFKHG�(DUWK´�-%&(��0HOERXUQH�������S�����8VHG�ZLWK�SHUPLVVLRQ�)U��/LQGVD\�+RZLH��5HFWRU�RI�WKH�$QJOLFDQ�3DULVK�RI�.HSSHO�4/'��7KLV�SUD\HU�RULJLQDOO\�DSSHDUHG�LQ�3KLOLS�/LHEHOW�1RHO�1LFKROOV��HG���³*HQWOH�5DLQ�RQ�3DUFKHG�(DUWK´�-%&(�0HOERXUQH��������S�����8VHG�ZLWK�SHUPLVVLRQ�

Page 176: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

$57,&/(63UHSDULQJ�D�/LWXUJ\�LQ�5HVSRQVH�WR�D /DXULH�*UHHQ��³/HW¶V�'R�7KHRORJ\��$�3DVWRUDO�&DUH�%RRN´�'LVDVWHU 0RZEUD\��*UHDW�%ULWDLQ�������3KLOLS�/LHEHOW��1RHO�1LFKROOV��HG���³*HQWOH�5DLQ�RQ�3DUFKHG(DUWK´�-%&(��0HOERXUQH�������&ROOHHQ�2¶5HLOO\��³+RZ�/LWXUJ\�&DUHV�IRU�XV�LQ�3HUVRQDO�DQG&RPPXQDO�6HWWLQJV´��DQ�XQSXEOLVKHG�GLVVHUWDWLRQ�SUHVHQWHGWR�WKH�&RPPLWWHH�IRU�$GYDQFHG�6WXGLHV��6DQ�)UDQFLVFR7KHRORJLFDO�6HPLQDU\�LQ�SDUWLDO�FRPSOHWLRQ�RI�WKHUHTXLUHPHQWV�IRU�WKH�GHJUHH�RI�'�0LQ��������&KULV�5REHUW��³,QIRUPDWLRQ�5HTXLUHG�WR�'HVLJQ�D�0HDQLQJIXO/LWXUJ\�IRU�D�&RPPXQLW\�$IWHU�D�%XVKILUH�´�$Q�XQSXEOLVKHGUHVHDUFK�SURMHFW�IRU�VWXGLHV�LQ�³/LWXUJ\�IRU�WKH�8QFKXUFKHG´�8QLWHG�7KHRORJLFDO�&ROOHJH��6\GQH\��XQGDWHG�%ULDQ�6PLWK��³5LWHV�RI�3DVVDJH�6\PEROLVP��5LWXDO��/LWXUJ\DQG�7KHRORJ\�LQ�'LVDVWHU�5HFRYHU\´��LQ�3RVW�'LVDVWHU0LQLVWU\�ZLWKLQ�6RXWK�$XVWUDOLD��8QLWLQJ�&KXUFK�LQ�$XVWUDOLD�6RXWK�$XVWUDOLDQ�6\QRG�������9DULRXV�OHWWHUV��SDSHUV�DQG�SKRQH�FRQYHUVDWLRQV�IURP�DYDULHW\�RI�PLQLVWHUV�ZKR�KDYH�WDNHQ�D�UROH�LQ�SRVW�GLVDVWHUOLWXUJLHV��LQFOXGLQJ�5HY�6KLUOH\�0DGGR[��5HY�0LFKDHO%DUQHV�DQG�3DVWRU�*UDKDPH�$EUDKDPV��DOO�VHWWOHPHQWV�LQWKH�8&$��16:�6\QRG��5HY�-RKQ�YDQ�5LHW��VHWWOHG�LQ�8&$�9LFWRULDQ�6\QRG�DQG�5HY�6\G�6PDOH��D�8QLWLQJ�&KXUFKPLQLVWHU�ZKR�FR�RUGLQDWHV�WKH�9LFWRULDQ�&RXQFLO�RI�&KXUFKHV5HOLHI�&RPPLWWHH�$�7KHRORJ\�IURP�1DWXUDO�'LVDVWHU 5HY�'RXJ�0F.HQ]LH��7KLV�LV�DQ�HGLWHG�YHUVLRQ�RI�WKH�DUWLFOHKH�ZURWH�LQ������ZKHQ�PLQLVWHU�RI�6W�$QGUHZV�8QLWLQJ&KXUFK��%ULVEDQH��4/'�/LWXUJ\��/LWXUJLVWV�DQG�3RUW�$UWKXU 5HY�5H[�+XQW��0LQLVWHU�DW�6FRWV�8QLWLQJ�&KXUFK��+REDUW�DQG&KDSODLQ�DW�5R\DO�+REDUW�+RVSLWDO��7KLV�DUWLFOH�ILUVWDSSHDUHG�LQ�WKH�6HSWHPEHU������HGLWLRQ�RI�³1HZ6SULQJERDUGV´�DQG�LV�UHSULQWHG�KHUH�ZLWK�WKH�SHUPLVVLRQ�RIWKH�8QLWLQJ�&KXUFK�&RPPLVVLRQ�RQ�/LWXUJ\�([RUFLVLQJ�7UDXPD $UWLFOH�VOLJKWO\�HGLWHG�IURP�RQH�WKDW�DSSHDUHG�LQ�³7KH6WDQGDUG´��GDLO\�QHZVSDSHU�LQ�:DUQDPERRO��9,&��RQ6DWXUGD\�$SULO��UG��������S���I��,W�ZDV�ZULWWHQ�E\�VWDIIUHSRUWHU�.DWLH�+\GHU�DQG�LV�SULQWHG�KHUH�ZLWK�SHUPLVVLRQ�6XQGD\�:RUVKLS�$IWHU�WKH�)XUQDFH 7KLV�DUWLFOH�DSSHDUHG�LQ�³&URVVOLJKW´��WKH�6\QRG�QHZVSDSHURI�WKH�8QLWLQJ�&KXUFK�LQ�9LFWRULD��1R�����0DUFK�������S���DQG�LV�XVHG�ZLWK�SHUPLVVLRQ�

Page 177: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

5(9,6,21��+,6725<0DUFK����� *UDPPDWLFDO�FRUUHFWLRQV�WR�SDJHV�����������������������������������������������������������������������������5HYLVLRQ�KLVWRU\��SDJH�����DGGHG�:HEVLWH�QRWLFH��SDJH�����DGGHG�

Page 178: LQJ 5DLQERZV RI +RSH · 2009-04-07 · :256+,3 5(6285&(6)258 6( ,15 (63216( 72 3(5621$/ 75$*(’,(6 ˆˇ x 7kh 9doxhr i /lih ˆˆ x x 1rwhv dqg uhvrxufhv iru xvh lq uhvsrqvh wr 6xlflghv

���

7KLV�GRFXPHQW�LV�DYDLODEOH�IUHH�RQ�WKH�:HE*R�WR�WKH�8QLWLQJ�&KXUFK�$VVHPEO\�:HE�6LWH

QDW�XFD�RUJ�DX�KRPH�+LJKOLJKW�WKH�³'LVDVWHU�5HOLHI�)XQG´XQGHU�WKH�$JHQFLHV�/LVWLQJ

&DUU\LQJ�5DLQERZV�RI�+RSHFDQ�WKHQ�EH�GRZQORDGHG�GLUHFWO\RU�W\SH�LQ�WKH�IROORZLQJ�IRU�D�GLUHFW�GRZQORDG

KWWS���QDW�XFD�RUJ�DX�DJHQFLHV�GLVDVWHUBUHOLHI�SGI�5DLQERZV�SGI+DUG�FRSLHV�DUH�IRU�VDOH�IURP�WKH$VVHPEO\�2IILFH/HYHO����3LFFDGLOO\�&RXUW����3LWW�6WUHHW6\GQH\���16:

7HOHSKRQH����������������